U.S. agricultural exports in fiscal year (FY) 2024 are projected to be $169.5 billion, which would be a decrease of $2.5 billion from the August forecast. Horticultural product exports remain unchanged at $39.5 billion, according to the U.S. Department of Agriculture Economic Research Service and Foreign Agricultural Service Situation and Outlook Report.
Whole and processed tree nuts, like pecans, are unchanged at $9.0 billion. Most shipments are bound for Europe and Asia. Fresh fruit and vegetables remain the same at $7.1 billion on stable shipments to top markets like Canada and Mexico. Processed fruits and vegetables are unchanged at $7.7 billion on steady shipments to Canada.
China is projected to stay the largest market for U.S. ag exports. Exports to China are projected at $29.5 billion, down $500 million from the August projection. Exports to Mexico and Canada are forecast at $27.9 billion and $27.7 billion, respectively.