Virginia’s agricultural exports reach another all-time high
- March 9, 2015
Virginia’s agricultural and forestry products exports grew 14 percent last year, reaching an all-time high of $3.35 billion.
The export value now means Virginia is the second-largest agricultural exporter on the East Coast behind Georgia. Virginia’s 2014 figures eclipsed North Carolina’s exports.
This is the fourth consecutive year Virginia has set new records for agricultural exports, which have grown 49 percent since 2010 when Virginia launched a strategic plan to grow agricultural and forestry exports.
The top three export markets from Virginia were China ($691 million in agricultural purchases), Canada ($279 million) and Switzerland ($174 million). China and Canada increased their imports of Virginia agricultural goods 10 percent and 7 percent in 2014 respectively, while Switzerland’s decreased by 11 percent.
Virginia has trade representation in Mexico, Russia, Japan and the United Kingdom.
The top agricultural exports included soybeans, soybean meal and oil, lumber and logs, pork, unmanufactured leaf tobacco, poultry, processed foods and beverages (including wine), corn, wheat animal feed, wood pellets, seafood, raw peanuts, cotton and animal fats and oils.
The increase in Virginian exports came despite a drop in the value of U.S. commodity crops. For example, the price of soybeans fell 28 percent, while corn prices haves fallen to $4 per bushel, down from more than $8 per bushel in 2012.
The top importers of Virginia’s agricultural and forestry products include:
1. China ($691 million)
2. Canada ($279 million)
3. Switzerland ($174 million)
4. Mexico ($150 million)
5. Russia ($124 million)
6. Japan ($114 million)
7. United Kingdom ($110 million)
8. Venezuela ($103 million)
9. Morocco ($98 million)
10. Indonesia ($94 million)