Corn exports generate $74.7 billion each year for US economy

Informa Economics recently conducted an analysis that suggests exports of corn and corn products generated approximately $74.7 billion in yearly economic output during 2014.

“Farming is a global business, and this study shows how immense the impact of grain exports is on not just the agriculture economy, but our national economy,” USGC chairman Alan Tiemann said. “The work our industry does to build new markets and grow our relationships with those overseas who rely on U.S. grains is critical for U.S. farmers’ profitability.”

In addition, sales of U.S. feed grain products generated $82 billion in 2014. This is an increase in the U.S. gross domestic product by an estimated $29.8 billion above the economic benefits that would have been gained from only domestic sales.

“Corn – whether in the form of feed, ethanol, or meat and dairy – is a major driver of the U.S. farm economy,” Chip Bowling, president of the National Corn Growers Association, said. “Exports impact not just farmers and ranchers, but the entire U.S. economy. That’s why it’s so important that farmers and ranchers have access to international markets, and why we need global trade agreements such as the Trans-Pacific Partnership that give us a chance to compete.”