U.S. agricultural exports overall will be $139.5 billion for the federal fiscal year 2018

U.S. agricultural exports overall will be $139.5 billion for the federal fiscal year 2018, down $500 million from the forecast in November due to a 6 percent decline in oilseed and product exports that is only partially offset by increases in livestock, cotton and grain exports, USDA’s Economic Research Service and Foreign Agricultural Service agencies projected.The forecast for livestock, poultry and dairy exports in aggregate was raised $800 million to $30.5 billion, led by higher forecasts for beef and pork products.Meanwhile, U.S. agricultural imports for fiscal 2018 were forecast at $118.5 billion, up $1.5 billion from the November forecast. Most major product groups are forecast higher. The U.S. agricultural trade surplus is down $2.0 billion to $21.0 billion.The global economy is looking good in both developed and developing countries, the report said. ERS and FAS calculate world GDP growth of 2.0 percent in 2017, and expect 2.2 percent growth in 2018 — “the fastest growth in global income since the post-financial-crisis rebound in 2010.” Also, after two years at less than 2 percent, global trade volume, which grew 6.1 percent in 2017, is expected to increase 5.0 percent in 2018.Weaker dollarThe U.S. dollar weakened against the currencies of many key trading partners in 2017 and is expected to generally trend weaker into 2018, the report said. The trend is mostly the result of improved economic health in other countries, which has allowed their currencies to regain some of the value lost since 2014.The Eurozone experienced its strongest economic growth in a decade in 2017, and consumer and business sentiment suggests this strength will carry over into 2018. China’s 2017 growth accelerated over the previous year for the first time since 2010, and India’s per capita GDP growth is expected to outpace China’s in 2018.Beef, porkAmong commodity exports, beef exports are forecast to increase by $400 million, to $6.7 billion, on both higher volumes and stronger prices. Pork is forecast up $300 million, to $5.5 billion, on strong global demand in key markets and slightly higher prices. Variety meats are forecast $100 million higher at $1.9 billion on robust demand and stronger prices. Forecasts for total poultry were unchanged.