Demand for agricultural products has grown significantly despite there being a deficit in supplies and reaching the highest price index in a few years. Thanks to this, the export of agricultural products to the United States has touched a new record in recent times. However, analysts fear that if the upward trend in prices continues for a long time, exports may decline.
According to the latest US Census Bureau, global exports of US agricultural products in October amounted to 1 thousand 908 crore dollars. On a monthly basis, this is the highest ever export.
In October, US agricultural exports to China amounted to 552 crore dollars. Exports to the rest of the world stood at 1 thousand 360 crore dollars, the second-highest since March this year.
Exports of wheat, soybeans, and cotton from the United States declined in October, despite an increase in overall agricultural exports. The United States has exported 12 lacs and 20 thousand tonnes of wheat during the period under review. This is the lowest monthly wheat export of the country since 1972. Although global demand for edible oil has been rising in recent times, soybean exports to the United States have declined due to higher prices. In October, the country’s soybean exports stood at about 26,000 tonnes, the lowest monthly amount since 2000. The amount of cotton exported by the United States during the period under review was 1 lac tonnes. This is the lowest monthly amount since November 2015.
