An $80.7 billion deficit in December drove the U.S. 2021 calendar year trade red ink to a record $859.1 billion, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported. Overall, U.S. exports in December totaled $228.1 billion, up $3.4 billion from November. December U.S. imports totaled $308.9 billion, $4.8 billion more than November. Total 2021 imports were $3.4 trillion against exports of $2.5 trillion.
USDA will release full details on Wednesday, but the ag sector had a trade surplus of $1.9 billion with $16.5 of exports and $14.6 billion in imports for December. Fiscal year-to-date (since Oct. 1), U.S. agriculture is running a $7.8 billion surplus, with $52.6 billion of exports and $44.8 billion of imports. USDA forecasts a $10.5 billion ag trade surplus for FY 2022. The heaviest period for U.S. ag exports is through the first several months of the marketing year, while imports typically pick up during spring.
