About 22% of the total volume of U.S. production is exported every year making exports an important outlet for U.S. agricultural production. The main U.S. agricultural export products are grains and feeds, soybeans, livestock products, and horticultural products. The top five export destinations for these products are China, Canada, Mexico, Japan, and the European Union (see Table 1).
USDA reported its fourth and last forecast for U.S. agricultural exports for the 2016 fiscal year (FY, October 1, 2015 to September 30, 2016) in the Outlook for U.S. Agricultural Trade, published in May 2016. The forecast indicated that U.S. agricultural exports are expected to reach a value of $124.5 billion (see Figure 1). If projections are realized, they would be down $15.2 billion relative to 2015 ($139.7 billion), and $27.8 billion from the record value in 2014 ($152.3 billion) (see Figure 1).
U.S. agricultural imports on the other hand, are forecast at $114.8 billion which are up $0.774 billion from last year. The projected U.S. agricultural trade surplus (exports minus imports) is forecast at $9.7 billion. This would be the lowest trade surplus since 2006 ($4.566 billion).To see the complete report, please click here.