USDA says U.S. agricultural exports are projected to total $134.5 billion for 2019. Imports are forecasted to be $129.3 billion. That equates to a more than $5 billion surplus for the year, which is the lowest since 2006.
As for export value, that's being revised down by $2.5 billion. The decline is primarily due to lower expectations for corn and soybean exports. Looking ahead to 2020, experts say projections suggest a small recovery in the ag trade balance to $8 billion.
This all unfolds as trade remains in the news.
A Chinese Commerce Ministry official says Beijing is working to resolve conflicts with Washington over trade. It's dismissing speculation trade talks might be in trouble as unreliable "rumors."
The Ministry spokesman said he could not disclose any new information, adding China was committed to working toward an agreement. The Wall Street Journal reporting China's chief trade negotiator has invited his U-S counterparts for a new round of face-to-face talks in Beijing. Financial markets have swung between highs and lows in recent days, depending on reports on the talks. The latest drop came Thursday when Reuters reported a deal might not be completed.