TokyoTokyo Mon - Fri 10:00-18:00 +81 (366) 701-751
info@mountequitygroup.com

USDA: As the world economy slows, so will U.S. farm exports

Mount Equity Group Tokyo Japan > News > Markets > USDA: As the world economy slows, so will U.S. farm exports

U.S. farm exports will fall back to $190 billion this fiscal year, down 4% from the record set in just-ended fiscal 2022, as economic growth slows in most countries, forecast the Agriculture Department on Tuesday. Soybeans, the No. 1 ag export, as well as cotton and corn would see the largest declines, jointly falling by 7%.

“The global economic outlook for calendar year 2023 remains uncertain due to inflation, changing monetary policy conditions, and trade disruptions caused by the Russian invasion of Ukraine,” said the USDA in its quarterly Outlook for U.S. Agricultural Trade. Global economic growth was forecast at 2.7%, down from 3.2% in 2022. Except for China, central banks around the world were tightening their money supplies to combat rising inflation rates.

Exports were a record $196.4 billion in the fiscal year that ended on Sept. 30. Warfare in the Black Sea region drove commodity prices higher amid…

Read more…