New information published by Informa Economics on May 24 confirmed that exports of U.S. corn and corn products generated $74.7 billion in annual economic output in 2014. Further, sales of all U.S. feed grain products accounted for $82 billion.
The export of corn and corn products was also responsible for increasing the U.S. gross domestic product by $29.8 billion over what would have occurred without it. Approximately 332,787 full-time jobs could be linked directly or indirectly to the exports as well.
“Corn – whether in the form of feed, ethanol, or meat and dairy – is a major driver of the U.S. farm economy,” said National Corn Growers Association President Chip Bowling, a farmer from Newburg, Maryland. “Exports impact not just farmers and ranchers, but the entire U.S. economy.”
The data also showed that every $1 in exports of grain and grain products generates an additional $3.23 in business sales across the U.S.
“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,” said Alan Tiemann, USGC chairman and a farmer in Nebraska. “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.”
The research was commissioned by the National Corn Growers Association and the U.S. Grains Council.