U.S. Ag Trade Deficit Doubles
The U.S. ag trade deficit continues to grow. USDA is now projecting it will reach $32 billion for fiscal 2024, up from $16.7 billion in FY23.
USDA’s latest quarterly outlook raised the estimate for U.S. ag imports to $202.5 billion, while the forecast for exports was unchanged at $170.5 billion.
Take note: China is projected to drop to third place among U.S. ag export markets behind Mexico and Canada. China is now expected to buy $27.7 billion worth of soybeans, corn and other American commodities, a reduction of $1 billion from the February forecast, largely due to increased competition from Brazil.
The volume of U.S. soybean exports to China is down 23% so far this fiscal year compared to FY23. Year-to-date corn exports by volume are down 67%.
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