The US Department of Agriculture (USDA) has forecast a record year for the country’s fresh produce exports in the 2012 financial year, predicting horticultural exports will hit a new high at US$28bn.
The figure is a US$2.5bn rise on the revised 2011 estimate, the USDA said in a recent report.
Fresh produce is forecast to account for US$6.9bn in export earnings, a growth of US$400m on the previous October-September financial year.
Exports of fresh and processed nuts are expected to hit US$5.7bn, up US$800m on the previous year, “primarily due to China’s growing demand for almonds, pistachios, and walnuts”, the report said.
The report said exports to Asia, Europe and Canada are expected to continue to expand on the back of the low-trading US dollar.
“Despite slow growth, the outlook for agricultural trade is promising,” the report said. “The relatively stable Middle East and expectations of slower world growth have brought sharp reductions in energy prices. A weak dollar and low interest rates provide plentiful credit for US exports in 2011 and 2012.”
That trend could already been seen in action in Asian markets over the past year, and was one of a combination of factors making US fresh produce more competitive in the region.
Stronger than anticipated demand in China and Europe saw the USDA revise its final results for horticultural exports for the 2011 financial year up US$500m on the previous estimate.
No comments yet