The U.S. exported $15.50 billion of agricultural goods in December against imports of $15.66 billion, resulting in a deficit of $160.55 million following a surplus of $98.97 million the previous month. During the first three months of fiscal year (FY) 2024, U.S. ag exports stood at $48.24 billion against imports of $48.56 billion for a deficit of $323 million. Given the first quarter of the fiscal year is the strongest period for ag exports, this is a poor start.
USDA forecasts ag exports at $169.5 billion and imports at $200.0 billion for FY 2024, which would imply a deficit of $30.5 billion.
The overall U.S. trade deficit increased 0.5% to $62.2 billion in December, as exports rose 1.5% to $258.2 billion and imports firmed 1.3% to $320.4 billion. The trade gap narrowed 18.7% in 2023, the largest annual drop since 2009, to $773.4 billion. It represented 2.8% of GDP, down from 3.7% in 2022. Trade added more than half a percentage point to the economy’s 2.5% growth last year.
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