Trade increased by 24 percent in 2021.
The Department of Agriculture released its quarterly forecast on the status of American agricultural trade last week. The report found that the expected total trade estimate is a total of $173.5 billion for the fiscal year 2021. This is a 24 percent increase from the 2020 fiscal year, amounting to an increase of $33.8 billion. The forecast also predicted an additional $4 billion in growth for the fiscal year 2022.
Secretary of Agriculture Tom Vilsack stated about the report, “As we work to build back better, exports remain a vital engine spurring growth in the U.S. economy. America’s farmers, ranchers, and processors are the world’s best, and global demand for their products is a testament to their quality, safety, and commitment to sustainability and has led to a projected new record in U.S. agricultural exports.”
As the Lord Leads, Pray with Us…
- For officials in the USDA as they support and track the country’s agricultural exports.
- That Secretary Vilsack would seek God’s direction as he leads the department.
- For the president’s administration to help American farmers to thrive.
Sources: Department of Agriculture
