Asian and Western Hemisphere countries lead growth in U.S. agricultural exports
U.S. agricultural exports are forecast at a record $140 billion in U.S. fiscal year (FY) 2013 (October 1, 2012-September 30, 2013), up 3 percent from FY 2012 and up 39 percent since FY 2010. The Asia region, along with North American Free Trade Agreement (NAFTA) partner countries in the Western Hemisphere have been the leading sources of growing demand for U.S. agricultural products. In Asia, China—forecast as a $22.5-billion market for U.S. agricultural exports in FY 2013—has emerged as the leading global U.S. market based on expanding imports of U.S. soybeans, cotton, corn, wheat, tree nuts, and dairy products. Japan (with U.S. agricultural exports forecast at $12.6 billion in FY 2013), South Korea ($5.2 billion) and Taiwan ($3.3 billion) remain major East Asian markets, while Southeast Asia ($10.8 billion), including Indonesia, the Philippines, and Vietnam, are important growth markets. In the Western Hemisphere, NAFTA partners Canada ($21.5 billion) and Mexico ($17.7 billion) have become the second and third largest U.S. markets, respectively. In FY 2014, U.S. agricultural exports are projected to decline to $135 billion as lower prices reduce the value of U.S. oilseed and product exports to China and other markets, and cotton exports fall because of reduced U.S. supplies and weaker Chinese demand. In FY 2014, Canada is projected to replace China as the largest U.S. agricultural market overall. This chart is based on data provided in Outlook for U.S. Agricultural Trade, August 2013, AES-79.
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