U.S. Exports Up, Trade Down

Ag exports for fiscal 2010 are forecast at $98 billion, up $1 billion from the August forecast and $1.4 billion above final FY 2009, AgProfessional reports. Though the forecast is below the record 2008 level, exports are expected to be the second highest ever.

A recovering global economy is expected to boost demand for U.S. high value-products. Livestock, dairy, and poultry product exports are forecast to rise $200 million over August. The forecast for oilseed exports is increased due to large exportable supplies and early season strong sales, while meal exports benefit from reduced competition from South American supplies.

Final FY 2009 imports fell a record $5.9 billion from FY 2008 due to falling demand resulting from the global recession. However, FY 2010 ag imports are forecast up $4.1 billion to $77.5 billion.