The U.S. exported $16.64 billion of ag goods in October against imports of $16.90 billion for a trade deficit of $262 million. That marked the sixth straight month U.S. agricultural trade posted red ink. October marked the first month of fiscal year (FY) 2024.
Last week, USDA forecast FY 2024 ag exports at $169.5 billion and imports of $200.0 billion, which would result in a deficit of $30.5 billion. That would be up from the FY 2023 deficit of $16.7 billion.
U.S. trade deficit widens in October on weak exports... The U.S. trade deficit widened more than expected in October as exports declined, likely positioning trade to be a drag on economic growth in the fourth quarter. The trade deficit increased 5.1% to $64.3 billion in October versus a revised figure of $61.2 billion in September.
Exports of goods and services fell 1.0% to $258.8 billion. Goods exports decreased 1.8% to $173.5 billion. Imports of goods and services gained 0.2% to $323.0 billion. Goods imports edged up 0.1% to $263.3 billion, potentially flagging softening domestic demand amid higher interest rates.
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