The value of US exports is rising and food prices continue to climb

The value of US exports is rising and food prices continue to climb

From the Ag Information Network, I’m Bob Larson with your agribusiness update.

** The value of all U.S. exports has grown at an average annual rate of 6% since 2002 and reached an all-time high of $1.4 trillion in fiscal year 2021.

The USDA claims that during this period agriculture’s share of total US exports has steadily increased.

Between 2002 and 2021, the value of agricultural exports increased by 11% each year, on average.

**The consumer price index rose 0.1% in August after remaining unchanged in July.

The Bureau of Labor Statistics reports that the food index rose 0.8%, the smallest monthly increase since December.

The home food index rose 0.7% as indexes for all six food groups in grocery stores rose.

The cereals and bakery products index increased by 1.2%, while the meat, poultry, fish and eggs index, the fruits and vegetables index and the soft drinks index alcoholic beverages all increased by 0.5%.

** The National Cattlemen’s Beef Association reiterated the need for a limited version of the Securities and Exchange Commission’s greenhouse gas disclosure rule.

NCBA Chief Counsel Mary-Thomas Hart said the SEC’s proposed rule targets large, publicly traded companies, but would have unintended consequences for smaller businesses like farms and ranches.

She says the rule would require data that simply does not exist at the farm or ranch level and would increase the regulatory burden on individual cattle producers.