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Global economic turmoil likely to affect U.S. age exports in 2023

Global economic turmoil could disrupt U.S. ag exports in 2023.

Minnesota AgriGrowth executive director Tamara Nelsen says she’s optimistic about trade in the year ahead, with one caveat.

“There are economic challenges going on in other countries, so even though some are coming out of the pandemic and things are strengthening on their own demand side, they are now also facing economic challenges because of the types of things that are causing inflation in this country.”

She points to stimulus payments to consumers and businesses during the pandemic, Putin’s invasion of Ukraine, and ongoing supply chain disruptions.

“So I think on the one hand we’re going to see some resurgence of demand in international markets, but I think many of them, like the United States, are impacted by inflation and other lower levels of spending ability by their consumers than they had hoped.”

Nelsen tells Brownfield even with inflationary pressure, U.S. ag and food commodities “are still an excellent value” and will be in high demand.

The Minnesota AgriGrowth Council is a nonprofit member association for the agricultural and food systems in Minnesota and will host it’s annual Ag and Food Summit November 10^th in Minneapolis.