The U.S. exported $14.44 billion of agricultural goods in April against imports of $18.30 billion, resulting in a deficit of $3.86 billion. That was up from a deficit of $2.85 billion in March. During the first seven months of fiscal year (FY) 2024, U.S. ag exports stood at $108.83 billion, while imports totaled $119.62 billion for a deficit of $10.79 billion.
USDA forecasts ag exports at $170.5 billion and imports at $202.5 billion for FY 2024, which would imply a record deficit of $32.0 billion. The first four or five months of the fiscal year are typically the best for ag exports, while imports are strongest during spring/summer, which is why the ag trade deficit is expected to increase sharply through September.
