Bulk commodity exports from the U.S. hit a volume record in fiscal year (FY) 2017 at 159 million MT, representing 11% growth from the previous year, the U.S. Secretary of Agriculture Sonny Perdue announced in a Nov. 16 press release. The value of the bulk exports expanded by 16% to $51.4 billion.
Exports of soybeans drove the spike at a record 60 million MT valued at $24 billion, according to U.S. Department of Agriculture (USDA) data. Cotton exports rose by 70% and brought in $5.9 billion. The value of wheat exports reached $6.2 billion, a 21% jump from the previous year. Corn shipments grew by 6% to $9.7 billion.
Overall, America’s agricultural exports reached $140.5 billion in FY 2017, with the majority of shipments going to China and Canada. $22 billion in agricultural exports were received by China during the period and Canada spent $20.4 billion on shipments. Mexico was the third largest market for agricultural exports, with $18.6 billion shipped there in FY 2017.
In contrast, processed food and beverage shipments received a 2% lift to $39.2 billion during the period.