Ag’s Trade Surplus for 2017 Increases by 30 percent

U.S. agricultural exports totaled $140.5 billion in fiscal year 2017, climbing nearly $10.9 billion from the previous year and reaching the third-highest level on record, the USDA recently announced.

 

As it has done for more than 50 years, the U.S. ag sector posted an annual trade surplus. This year, it was $21.3 billion, up almost 30 percent from last year's $16.6 billion.

 

"It is great to see an increase in exports, and we hope to open additional markets to build on this success," U.S. Ag Secretary Sonny Perdue said. "I'm a grow-it-and-sell-it kind of guy. If American agricultural producers keep growing it, USDA will keep helping to sell it around the world."

 

China finished the fiscal year as the United States' largest export customer, with shipments valued at $22 billion, followed closely by Canada at $20.4 billion. U.S. agricultural exports to Mexico reached $18.6 billion, a 6-percent gain from last year, while exports to Japan grew 12 percent, to $11.8 billion. Rounding out the top 10 markets were the European Union ($11.6 billion), South Korea ($6.9 billion), Hong Kong ($4 billion), Taiwan ($3.4 billion), Indonesia ($3 billion) and the Philippines ($2.6 billion).

 

U.S. bulk commodity exports set a volume record at 159 million metric tons, up 11 percent from 2016, while their value rose 16 percent. The surge was led by soybean exports with growth in corn, wheat and cotton.

 

Exports are responsible for 20 percent of U.S. farm income.  Source: USDA

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