U.S. posts ag trade surplus in November... The U.S. exported $16.09 billion of agricultural goods in November against imports of $15.99 billion, resulting in a surplus of $98.97 million. This snapped an eight-month string of ag trade red ink. During the first two months of fiscal year (FY) 2024, U.S. ag exports stood at $32.73 billion against imports of $32.90 billion for a deficit of $162,766. Given the first quarter of the fiscal year is the strongest period for ag exports, this is a sluggish 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.
U.S. trade deficit unexpectedly narrowed in November as imports declined... The trade deficit contracted 2.0% to $63.2 billion from a revised figure of $64.5 billion in October. Exports declined $4.8 billion to $253.7 billion while imports fell $6.1 billion to $316.9 billion.
The trade deficit with China decreased by $2.4 billion to $21.5 billion. With the European Union, it decreased by $3.5 billion to $15.6 billion.
