Tom Vilsack | Secretary of U.S. Agriculture | usda.gov
Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture (USDA) is providing $2.3 billion to help American producers maintain and develop markets for their commodities. This funding will also be used to bolster international food aid. The USDA is utilizing funds from the Commodity Credit Corporation to address challenges related to trade and food insecurity impacting U.S. farmers and the international community.
According to a press release by the Foreign Agricultural Service U.S. Department of Agriculture, the USDA is utilizing funds from the Commodity Credit Corporation to address challenges related to trade and food insecurity impacting U.S. farmers and the international community. The USDA will use $1.3 billion for the Regional Agricultural Promotion Program and support for specialty crop industries to diversify export markets. Additionally, $1 billion will be used to address global hunger. "The Commodity Credit Corporation continues to address the needs of American producers as significant and unpredictable challenges arise, including impacts to international commodities markets and global food insecurity in the wake of ongoing conflict and a challenging climate," said Secretary Vilsack. "The Commodity Credit Corporation and USDA's market development and aid programs are critically important at this time, and with this additional support we can strengthen U.S agriculture's presence in existing markets, open up new market opportunities, and build on our relationships and connections to ensure that high-quality American agriculture and food products reach where they are needed in the world."
The announcement was made during the World Food Prize's Borlaug Dialogue, an annual event held in Des Moines, Iowa, to bring together world leaders to address global food security issues. The Commodity Credit Corporation was established in October 1933 in response to the Great Depression and the devastation caused by the Dust Bowl. Since then, it has played a crucial role in stabilizing markets, supporting farm income and prices, and enhancing the ability of farmers to market their commodities.
The USDA press release also highlighted the need for additional investments in market development to keep ahead of the competition in export markets, particularly in Asia and Africa. The agricultural trade deficit in 2023 was $19 billion, and the USDA projects it to grow to $27.5 billion in 2024. With a $1 increase in export market development, exports are expected to increase by $24.50, leading to increased income for producers. The $1 billion donation to address global hunger will also support U.S. agriculture through the purchase of surplus commodities.
Overall, the $2.3 billion provided by the USDA will help American producers navigate trade challenges, expand into new markets, and contribute to global food security efforts.
