News
Ag trade surplus is shrinking
The U.S. agriculture trade surplus is shrinking. Fiscal Year 2019 U.S. agriculture
exports are projected at $137 billion, $6 billion less than last year.
Meanwhile, the agriculture import projection is a billion dollars higher than
the February forecast at $129 billion.
“That’s up a billion from our February forecast,” said Rob Johansson, chief economist
at the USDA, in comments provided by the agency, “and up a little over a
billion dollars from last year’s level at $127.6 billion.”
The positive agriculture trade balance of about $8 billion is approximately
half what it was last year. He says exports are down because of trade disputes.
Agriculture imports are rising because of the growing U.S. economy and
strengthening dollar.
“Which is making our exports a little bit more difficult to sell and making
imports easier to buy,” said Johansson.
Agriculture exports are down because of reductions in grains, oilseeds, and
livestock. Soybean exports are projected to be $1.5 billion lower because of less
demand due to African swine fever, weak prices, and continuing trade tensions
with China.
Add Comment