The Department of Agriculture is rolling out the 2024 allocation of investments to bolster U.S. agricultural exports to nearly 70 organizations through two key programs.
USDA’s Foreign Agricultural Service announced Monday a $203 million allocation for fiscal 2024 through the Market Access Program and Foreign Market Development programs. All told, 68 organizations are set to receive funding.
The funding comes on top of the $1.2 billion Regional Agricultural Promotion Program, which will fund multiyear projects through Commodity Credit Corporation funding. USDA is currently accepting applications for the first tranche of funding, a $300 million investment announced in November.
In a statement, FAS Administrator Daniel Whitley said there's a $24 return on each dollar invested in export market development.
“Over the years we have seen the tremendous impact both MAP and FMD have on expanding U.S. exports to markets across the globe,” Whitley said. “These programs provide a significant boost to the U.S. agricultural industry, which in turn helps strengthen the economy not just in rural communities, but across the entire United States.”
The bulk of the funding — $174.2 million — will be distributed through MAP allocations, including eight-figure sums to the Cotton Council International ($14.8 million), U.S. Meat Export Federation ($12.8 million) and the Food Export Association of the Midwest USA ($10.1 million). The U.S. Grains Council and Food Export USA Northeast are both slated to receive more than $8 million each.
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Just over $27 million is being distributed through FMD. The American Soybean Association — the cooperator of record for the U.S. Soybean Export Council — is receiving the largest sum at $7.4 million. Two other investments will top $3 million: CCI is set to receive $3.9 million and U.S. Wheat Associates has been awarded $3.4 million.
Farm groups use MAP and FMD funds for a wide range of purposes to grow export market demand for U.S. commodities in overseas markets. According to FAS, MAP funds can be used as cost-share assistance “for activities such as consumer advertising, public relations, point-of-sale demonstrations, participation in trade fairs and exhibits, market research, and technical assistance.” FMD funding is targeted toward “generic promotion of U.S. commodities, rather than consumer-oriented promotion of branded products.”
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