US farm exports may reach record highs this year, thanks to increased values of US farm products and increased free trade agreements.
Even in the midst of a major recession, the farm economy remains one of the few bright spots in the US economic forecast. In addition to providing local jobs, farm exports have been a major source of revenue, constantly providing a significant portion of US overseas trade.
For the past several years, increased farm prices have led to constantly increasing farm exports. According to recent reports, this year’s farm exports may exceed last year’s record setting $142 billion in exports.
A major cause for the increased export value, despite a devastating drought last summer, was a major increase in crop value (while the drought crippled production, it drove the value of surviving crops skyrocketing) and expanded trade agreements. Russia, Belarus, and Kazakhstan, in particular, recently allowed increased livestock shipments from the US, driving up overall American exports.
“We’re looking at a very, very strong trade year,” said Secretary of Agriculture Tom Vilsack.
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Written by: Justin Ellison / Farm Plus Staff Writer