U.S. Ag Trade Deficit Widens

The U.S. agricultural trade deficit is projected to increase again to $32 billion in fiscal year 2024, a $1.5 billion increase from the February projection. Those numbers come from the USDA Economic Research Service’s quarterly May 2024 Outlook for U.S. Agricultural Trade.

“U.S. agricultural exports during fiscal year 2024 are projected at $170.5 billion, unchanged from February,” the report says. “Higher exports of livestock and dairy, as well as increased ethanol sales largely offset reductions in grains, feeds, oilseeds, and horticultural products.” U.S. agricultural imports are forecast at $202.5 billion, a $1.5 billion increase driven predominantly by higher horticultural products and livestock and dairy imports.”

Horticultural product imports are forecast to be up $1.5 billion to $99.6 billion, led by increases in fresh fruits and vegetables. The report also says livestock, poultry, and dairy imports are projected up $600 million to $28.7 billion, driven by higher dairy and livestock projections.