May 21, 2024USDA report: ag exports generate $412B economic output
The value of U.S. agricultural exports totaled $197.4 billion in 2022 and generated $214.6 billion in economic activity for a total economic output of $412 billion, according to new USDA numbers.
Exports comprised both commodities and food products.
The services, trade and transportation sector generated an estimated $73.6 billion, while agricultural exports supported business activities valued at $70.4 billion, according to the USDA.
Other manufacturing activities generated an additional $52.5 billion, with another $18.1 billion created by food processing.
Every $1 of U.S. agricultural product exported generated a total of $2.09 of domestic economic activity, on average, according to USDA.
USDA’s Economic Research Service estimates the additional value of economic activity generated annually by agricultural exports using an agricultural trade multiplier model. This model measures the employment and output effects of trade in farm and food products on the U.S. economy.
Read more about the report here.
