Source: USDA ECONOMIC RESEARCH SERVICE, 8/26/21

U.S. agricultural exports in fiscal year (FY) 2022 are projected at $177.5 billion, $4.0 billion higher than the revised forecast for the preceding year. The FY 2021 export forecast of $173.5 billion represents an increase of $9.5 billion from May’s projection, mainly due to higher livestock, poultry, and dairy exports, as well as the adoption of a new definition of “Agricultural Products.” Beginning with this publication, the August 2021 release, the report is adopting the World Trade Organization’s (WTO) definition of “Agricultural Products,” which adds ethanol, distilled spirits, and manufactured tobacco products, among others, while removing rubber and allied products from the previous USDA definition. The net effect of the definitional change on historical values is that U.S. agricultural exports under the new definition averaged $4.7 billion higher per year during FY 2018–2020 from the previous definition, and U.S. agricultural imports averaged $9.9 billion higher annually during the same period. For details on the transition to the new definition, please see Appendix A: Updated Agricultural Products Definition.

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