U.S. agricultural exports to hit all-time high

WASHINGTON, May 30 (Xinhua) -- U.S. agricultural exports are expected to reach a record 108.5 billion dollars in the 2008 fiscal year, Agriculture Secretary Ed Schafer said Friday while releasing an updated quarterly forecast for agricultural exports.

This upward revision is a 7.5 billion-dollar increase from February's previous record forecast and 26.5 billion dollars above the final 2007 exports. Grains and animal products account for two thirds of the export gains

The 2008 fiscal year ends on Sept. 30 this year.

"America's increased export volume in bulk commodities like corn, other animal feeds and soybeans make agriculture the bright spot in the overall balance of trade," said Schafer.

U.S. producers are on track to export a record 63 million tons of corn, and set new export volume and value records for pork, Schafer said.

Export volumes and values are also up for many horticultural products with sales growth to Canada and the European Union being exceptionally strong, the secretary added.

While agricultural imports in two-way trade with the United States will also increase to a record 78.5 billion dollars forecast by the Department of Agriculture, the 108.5 billion dollars in export sales by American farmers and ranchers will net a trade surplus of 30 billion dollars for the country.

The department releases agricultural trade forecasts quarterly. The next one will be issued at the end of August 2008.