A decline in the value of the dollar this year will more than make up for slowing global growth, helping to boost U.S. farm exports, Joe Glauber, the chief economist for the Department of Agriculture, said today at a conference in Arlington, Virginia.
The dollar has fallen 1.6 percent this year against a basket of six major currencies. Farm exports will total $131 billion in the year that began Oct. 1, Glauber said. That would be second only to the previous year, which was a record.
Farm exports rose 18 percent to a record $136.3 billion in 2011, showing the industry remains a “bright spot” in the economy, Agriculture Secretary Tom Vilsack said Feb. 10.