U.S. agricultural exports is expected to reach record high this year due to strong global demand, the chief economist of the U.S. Department of Agriculture (USDA) said Thursday.
"We are now projecting fiscal 2014 exports at 142.6 billion (U.S. dollars). That's a record," Joseph Glauber told the USDA's 90th annual Agricultural Outlook Forum.
Glauber said this projection is 5 billion dollars more than the previous forecast made by the department in October, as the lower crop prices spurred world purchases of U.S. agricultural products.
"The important thing to remember is this is in a year we see prices decline, so these are increased volumes, increased volumes across the board for grains and oilseeds, very strong demand, particularly of the last four months," he added.
China will continue to be the top U.S. agricultural export market in the fiscal year 2014, taking estimated 25 billion dollars of agricultural products, said Glauber.
In the 2014 fiscal year that ends on Sept. 30, the country is expected to have an agricultural trade surplus of 32.6 billion dollars, as imports are projected to be 110 billion dollars, he said.