The U.S. economy keeps sputtering, and even bright-eyed optimists don’t expect an immediate rebound.
But U.S agricultural exports continue to fare well. One sign of that: U.S. potato exports reached a record $1.35 billion in the fiscal year ending June 30. The Red River Valley of eastern North Dakota and western Minnesota is a key spud-producing area, so that’s good news here.
Overall, U.S. ag exports and its ag trade balance are strong, too. In July, the United States exported $9.7 billion in ag products and imported $7.8 billion in ag products, leaving a trade balance of $1.9 billion. In July 2010, we exported $7.9 billion and imported $6.6 billion of ag imports, leaving a trade balance of $1.3 billion, according to the U.S. Department of Agriculture’s Economic Research Service.
USDA predicted previously that the U.S. will have an ag trade balance of $41 billion this fiscal year, making ag one of the few major sectors in the U.S. economy with a surplus.
USDA Secretary Tom Vilsack says U.S. ag exports will support more than 1 million American jobs this year.
How much weaker would the U.S. economy be without robust ag exports? Let’s hope we never find out.
