USDA raised its forecast for U.S. farm exports in fiscal 2020 to $139 billion, up $2 billion from the August estimate, and $3.5 billion above the FY19 exports. U.S. agricultural imports in FY 2020 are forecast at $132.0 billion, up $3 billion from the August forecast, primarily due to expected increases in fresh fruits and grain products. Fresh fruit imports are raised $1.7 billion to $15 billion, largely due to increased deliveries of avocados, berries, and melons from Mexico. Forecast imports of horticultural products for FY 2020 rises by $2.0 billion over the previous forecast to $66.0 billion, which is still $200 million less than actual horticultural imports in FY 2019. Forecast imports of processed fruits and malt beers increases by $200 million due to increased demand. USDA economists say expectations of a deal with China on ag trade have helped boost the value of soybean, pork and cotton exports. USDA’s estimate for FY20 pork exports was raised $400 million to $6.7 billion, largely due to demand from China. The beef export forecast is reduced $200 million, reflecting lower unit values but overall livestock, poultry, and dairy exports are forecast at $31.9 billion, $500 million higher than the August projection. Cotton exports are raised by $300 million to $6.1 billion from higher unit values. Exports of horticultural products are unchanged from the previous forecast at $35.5 billion. Whole and processed tree nuts are unchanged at $9.1 billion, with most shipments destined for Europe and Asia. Fresh fruits and vegetables are unchanged at $7.1 billion on stable shipments to Canada and Mexico, the top two U.S. markets. To read the entire report, click here.
