Washington, Feb 22: The US outlook for agricultural exports in 2013 will remain strong and hit a record high although drought persisted in many parts of the country, projected Joseph Glauber, chief economist of US Department of Agriculture (USDA).
US agricultural exports for fiscal year (FY) 2013 ending Sep 30 was expected at $142 billion, down $3 billion from the November 2012 forecast, but $6.2 billion above FY 2012 levels and a record in nominal terms after adjusting for inflation, said Glauber Thursday at USDA 89th annual Agricultural Outlook Forum.
China was believed to edge out Canada again as the number one market for US agricultural exports, although exports to China may shrink to be $22 billion, down $1.4 billion from last year’s record, reported Xinhua.
China was an important US agricultural export market that had grown on average almost 20 percent annually since FY 2005, said Glauber. Soybeans and cotton had dominated US agricultural exports to China, accounting for as much as 75 percent in recent years.