USDA lowers farm export forecast

by | Dec 2, 2022 | 5 Ag Stories, News

American farm exports will drop to $190 billion during the current fiscal year. USDA says that?s four percent lower than the record set in the recently-ended 2022 fiscal year. The lower forecast is caused by slowing economies around the world. Soybeans, corn, and cotton will see the largest declines, dropping a combined seven percent. ?The global economic outlook in 2023 is uncertain due to factors like inflation and trade disruptions caused by Russia?s invasion of Ukraine,? the agency says in its Quarterly Outlook for U.S. Agricultural Trade. Global economic growth was forecast at 2.7 percent, down from 3.2 percent this year. Central banks around the world are tightening their money supplies to combat inflation, with China a notable exception. Exports hit a record $196.4 billion during the fiscal year that ended in September. One-fifth of American agricultural production gets exported, so foreign markets are a major factor in farm revenue.