U.S. agricultural exports totaled $13.13 billion in September against imports of $17.39 billion, resulting in a monthly trade deficit of $4.26 billion. Fiscal year (FY) 2024 ag exports totaled $174.43 billion, while imports tallied $206.21 billion for a record deficit of $31.78 billion. That was above USDA’s forecast of $30.5 billion and up sharply from $17.1 billion in FY 2023. The sector recorded monthly deficits in 11 out of 12 months in FY 2024, with four months seeing deficits of $4 billion or more.
For FY 2025, USDA forecasts ag exports will fall to $169.5 billion and imports will rise to $212 billion, which would result in the trade deficit rising to a record $42.5 billion.
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