Record-High Agricultural Exports in May 2018

Market Intel / July 6, 2018

Data recently released from USDA Foreign Agricultural Service's Global Agricultural Trade System indicates that U.S. farmers and ranchers exported a record $12.3 billion of agricultural products to 174 countries during May 2018, up 15 percent from prior-year levels.

The top markets for U.S. agricultural products in May were Canada ($1.9 billion), Mexico ($1.7 billion), Japan ($1.2 billion), South Korea ($813 million) and China ($720 million). Exports to Canada and Mexico were up 1 percent and 5 percent from prior-year levels, respectively. Japan and South Korea exports were up 10 percent and 20 percent, respectively. Finally, exports to China were down 6 percent compared to prior-year levels. However, Chinese oilseed exports were up 38 percent from May of last year.

Oilseeds and oilseed product exports were up 74 percent to $2.3 billion, and were record high for May. Grain and feed exports were up 14 percent at $3.1 billion. Cotton exports were up 24 percent to $789 million. Horticultural product exports were unchanged at $2.8 billion. Livestock and meat exports were up 7 percent to $1.7 billion. Finally, dairy product exports were up 1 percent to $505 million.

Contact:
John Newton, Ph.D.
Chief Economist
(202) 406-3729
jnewton@fb.org
twitter.com/@New10_AgEcon
 

Share This Article

Credit: NASA Goddard Space Flight Center / CC BY 2.0  

On Nov. 8, USDA began rolling out over $185 million in final Wildfire Hurricane Indemnity Program + (WHIP+) disaster assistance payments to farm and ranch families who faced losses from 2019 natural disasters. A little more than a month later, on Dec. 10, townships across northern Arkansas and western Kentucky were struck with record-setting tornadoes that resulted in the loss of loved ones, destroyed homes and flattened barns and grain bins. Today’s article provides an update and refresh on these disaster assistance programs, which are valued by farm and ranch families when they are delivered in a timely and efficient manner.

Full Article
Credit: 12019/ CC0 

Ripple effects of the COVID-19 pandemic continue to impact dairy farmers. In a previous dairy article, we touched upon the network of pandemic-related market conditions that triggered Dairy Margin Coverage (DMC) payments for the seventh consecutive month.

Full Article