Agriculture Secretary Sonny Perdue predicts fiscal year 2018 farm exports will remain strong. Responding to the Department of Agriculture’s export forecast published last week, Perdue says “exports continue to be a major driver of the rural economy,” mentioning that exports generate 20 percent of U.S. farm income.
The USDA forecast predicts farm exports for the 2018 fiscal year will reach a value of $140 billion, which would be the fourth-best year in history. Fiscal year 2017 closed with the third-highest export total on record. Perdue also noted that agriculture’s trade surplus is expected to grow eight percent, from $21.3 billion last year to $23 billion in 2018.
Perdue says USDA continues to work “around the clock” to boost export prospects “not only by expanding existing markets and improving existing trade agreements, but also by aggressively pursuing new markets and new opportunities.”