United States agriculture exports could reach the lowest level since fiscal 2012, if fulfilled, according to the USDA’s Economic Research Service and Foreign Agricultural Service Outlook for U.S. Agriculture Trade report.
For fiscal year 2015, the USDA lowered the agriculture export forecast to $140.5 billion, $12 billion below the record-setting levels established last year. Lower exports of high-value products (nonbulk) account nearly the entire decline from the previous forecast.
Fiscal 2015 livestock, poultry, and dairy exports are reduced $500 million to $31.3 billion as lower dairy and poultry product exports are not offset by gains in other livestock products. Dairy products are lowered $300 million to $6.2 billion as exports face strong competition in an oversupplied market. Beef and pork exports are unchanged at $6.5 billion and $4.8 billion, respectively, as a relatively strong dollar continues to constrain shipments. However, exports of beef and pork variety meats are up $200 million as demand remains robust. Poultry exports are lowered $100 million to $6.0 billion due to highly pathogenic avian influenza-related (HPAI) trade restrictions by a number of countries. Click here to read more.