In the current fiscal year, which ends on September 30th, the value of U.S. agricultural exports is forecast at a record $149.5 billion.
USDA’s Economic Research Service says that figure is fully $8.6 billion above the value of exports in 2013, with Asian and Western Hemisphere countries accounting for most of the growth. Asia has 42.6 percent of the market; the Western Hemisphere is 37.8 percent.
China remains the largest export market and has a projected increase in sales of almost 20 percent.
Export sales to the second largest U.S. export market in Canada are expected to rise marginally to more than $21 billion.
Higher income growth, and a lower U.S. exchange rate, are expected to support continued growth in American exports, especially within the Western Hemisphere. Slower income growth is anticipated for China this calendar year, but demand for ag products is expected to remain robust.