News

US ag exports hit all-time high in FY 2022

US agricultural export sales surged to a record high in the fiscal year that ended September 30th.

Greg McBride with Allendale says farm exports topped $196 billion in FY 2022, a 14% bump from the previous year. “Some of this has to do with part of that trade deal with China, the carryover as we finished out 2021 and saw sales that were pushed into 2022,” he said. “And then we also did see pretty high inflation and that’s something we’re obviously still talking about.”

He tells Brownfield the global demand for US ag products helps farmers. “It puts more money back into farming,” McBride said. “There’s other increases (farmers) have to tow down the line, so being able to sell at these higher prices helps them to cover some of those higher costs for inputs.”

The USDA says the country’s top six markets were China, Canada, Mexico, Japan, the European Union, and South Korea.