WEST LAFAYETTE, Ind., June 2 (UPI) -- Indiana and Ohio are expected contribute nearly $4 billion to a record $61.5 billion in projected U.S. farm exports in fiscal 2004, experts said.
U.S. farm export sales are expected to increase $5.3 billion from 2003 while agricultural imports are projected to grow by $5.8 billion.
"Agricultural exports from Indiana are going to be around $2 billion for the 2004 fiscal year," said Chris Hurt, a Purdue University agricultural economist. "That's up from $1.7 billion in 2002, the last year for which there are USDA state estimates. In Ohio it looks like exports will be about $1.5 billion, up from $1.3 billion in 2002."
USDA says corn and wheat will account for half of the annual increase in U.S. agricultural exports. Hurt says corn and soybean exports will benefit Indiana. Ohio is a larger wheat producer.
Exports of livestock and livestock products are projected to decrease nationally as a result of beef export restrictions because of the recent mad cow scare.
Hurt estimates each additional $1 billion in agricultural exports creates about 15,000 jobs.
