Led by strong shipments of corn and soybeans, as well as livestock, poultry, and dairy products, total export values are projected to reach $164.0 billion. Based on trade data to date and expectations for reduced competition from Brazil, which has intensified already strong demand, U.S. corn exports are forecast to reach record levels totaling $17.2 billion in FY 2021. Likewise, expectations for continued robust export demand of U.S. soybeans in FY 2021, mainly from China, support a record-high export value of $28.9 billion.
Since 1996, U.S. agricultural exports have nearly tripled because of a range of factors, including China’s joining the World Trade Organization in 2001 and the advent of the North American Free Trade Agreement in the mid-1990s (succeeded by the United States–Mexico–Canada Agreement). Like exports, in FY 2021, imports are projected to reach an all-time high, largely driven by observations of surging imports to date of fresh and processed fruits and vegetables, as well as alcoholic beverages.