Agriculture exports to remain strong in 2012

Agriculture exports in fiscal year 2012 are expected to match 2011 at $137 billion, according to the Outlook for U.S. Agricultural Trade report released by the U.S. Department of Agriculture's Economic Research Service.

Agriculture exports in fiscal year 2012 are expected to match 2011 at $137 billion, according to the Outlook for U.S. Agricultural Trade report released by the U.S. Department of Agriculture's Economic Research Service. The forecast for agriculture imports is $105 billion - 11 percent higher than 2011, resulting in an agricultural trade surplus of $32 billion, the third-highest ever.

The value of U.S. rice exports in fiscal 2012 is forecast at $2.1 billion, slightly lower than FY 2011 because of the decrease in production, however, higher long-grain prices will help offset the decrease, the report says.  Rice export volume is forecast to decline 500,000 MT to 3.5 million because of the smaller domestic long-grain crop and competition from medium-grain exporters Australia and Egypt.

"Our farmers are the best in the world at finding consumers far from home," USDA Secretary Tom Vilsack said in a statement yesterday after the release of the Farm Income and Agriculture Outlook reports.  "Today, a new forecast of U.S. agricultural exports confirmed that 'Grown in America' products remain in high regard and high demand in the rest of the world."

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