Farm Exports Hit Record $152.5 Billion for FYE September 30, 2014
The USDA announced earlier this month that total US farm exports for the fiscal year ended September 30, 2014 hit a new record of $152.50 billion. This is up from the previous record set the year before of $141 billion (almost a 10% increase). It was the first time that exports for any month exceeded $15 billion (October and November 2013).
Breakdown of the major exported products is as follows:
- Soybeans $20.7 billion
- Animal feeds and oil meal $14.0 billion
- Red Meat $12.6 billion
- Wheat $10.1 billion
- Tree nuts $7.8 billion
- Poultry $6.3 billion
- Dairy Products $6.2 billion
Out of 45 million metric tons of soybean exports for FYE 2014, 27.9 million tons went to China with Mexico a very distant second at 2.6 million tons. Our top Wheat export market was Brazil at 3.3 million tons with Japan a close 2nd at 3.1 million tons (out of a total of 27.1 million tons). Our number 1 corn market was Japan @ 12.3 million tons with Mexico in 2nd at 10.9 million tons (out of a total 50.6 million tons).
These numbers reflect direct farm exports. The amount related to food products exported in a finished goods format would most likely add to these totals.
Here is a link to additional tables from the USDA on these exports and imports.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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