Despite droughts that have affected crops this year, the U.S. Department of Agriculture (USDA) recently announced that the industry is in good shape. Specifically, the agency is forecasting a 5.1 percent increase in exports for the 2013 fiscal year, which marks a continuation of record-high export earnings. In total, international shipments of domestic goods are expected to amount to $143.5 billion in the next fiscal year, which begins on October 1, according to Bloomberg Businessweek.
"Today's export forecast marks indication of an historic achievement for America's farmers, ranchers and agribusiness," said agriculture secretary Tom Vilsack following the release of the USDA's report. "Even with tough odds due to extreme weather, U.S. agriculture is now poised for three consecutive years of record exports, smashing all previous records and putting America's agricultural sector on pace to achieve President Obama's goal under the National Export Initiative of doubling exports by the end of 2014. These exports will support more than one million jobs in communities across the country."
The droughts have depleted crops across the country, but this has resulted in rising prices on items such as corn. The USDA report projects that exporters will be shipping out 33.5 million tons of corn in 2013, which is 5.5 million fewer tons than have been shipped in 2012, according to Fox Business. However, since prices for this crop have risen, there will still be financial gains of an estimated 3.4 percent. The projections indicate corn exports will be worth about $12.1 million next year.
Not every crop affected by the droughts will experience the same effect, so farmers and others in the industry who want to maximize profits might want to consider purchasing used agriculture equipment ahead of harvest season.
