The Ag Trade Deficit Continues to Grow

USDA is out with the latest trade data for the current fiscal year. Agriculture Department economist Bart Kenner takes a look at the latest export and import projections from October to January.

“Agricultural exports for the fiscal year to date were $64 billion, up two percent from the previous year. Agricultural imports for the fiscal year to date through January were $76 billion, up 15 percent from the same time period the year before. A trade balance of -$12 billion, which is $8.9 billion less than the -$3 billion during the same time period the previous year.”

Kenner says while bulk commodity exports were down one percent from the previous year, high-value exports reported a three percent year-over-year jump.

“Big change from vegetable oil exports were up 48 percent from the previous year at $1.2 billion. Distilled spirit exports were up 33 percent from the same time last year. With fruits and vegetables, we’re looking pretty consistent with overall fruit products being two percent over last year at $1.9 billion and vegetable products being three percent over last year at $2.9 billion.”

USDA projects a record $49 billion agricultural trade deficit for fiscal year 2025, with agricultural exports expected to reach $170.5 billion and imports climbing to $219.5 billion.

Source: NAFB News Service