USDA expects soybean exports to increase by $2.2 billion in fiscal 2023

WASHINGTON, Aug. 31: The U.S. Agriculture Trade Outlook report released this week by the U.S. Department of Agriculture shows that U.S. agricultural export revenue in fiscal 2023 will fall by $2.5 billion year-on-year to $193.5 billion.

Among them, the value of cotton exports is expected to fall by US$1.8 billion year-on-year to US$7 billion; the value of beef export sales will drop by US$1.1 billion to US$9.8 billion.

The U.S. Department of Agriculture, however, expects soybean exports to rise by $2.2 billion from the previous year.

The main export destination of the United States is still China, and the export value is expected to be 36 billion US dollars, which is the same as that in 2022.