US farm exports boom as rest of economy struggles: e pointed to the new trade deal with South Korea, which he expects will boost U.S. farm exports by about $1.9 billion annually. It also may reopen the door for discussions with China and Japan about reducing their restrictions on American beef imports, he said.
Exports in general have been a bright spot in the struggling U.S. economy, which is why the Obama administration has set a goal of doubling them in five years. Agriculture makes up about 9 percent of U.S. exports, compared with about 80 percent for manufacturing. But Commerce Department data show farm exports grew much faster than manufacturing exports during the past decade _ by 123 percent compared to 68 percent.
High prices for farm products explains much of the increase in value for agriculture exports _ the same products shipped overseas are worth much more today than they were 10 years ago. But the USDA also has done a "great job" of promoting agricultural exports, said Frank Vargo, vice president for international economic affairs at the National Association of Manufacturers.
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