USDA projects U.S. agricultural exports at $170.5 billion in fiscal year (FY) 2024, unchanged from the February outlook. Ag imports are now forecast at $202.5 billion, a $1.5-billion increase from the February projection. That would result in a record ag trade deficit of $32.0 billion, up from $30.5 billion indicated in February and nearly double the FY 2023 red ink of $16.7 billion.
Higher exports of livestock and dairy, as well as increased ethanol sales largely offset reductions in grains and feeds, oilseeds and horticultural products. At $27.7 billion, China is projected to fall below Mexico and Canada to the third largest U.S. agricultural market. The export forecast for China was cut $1.0 billion from the previous quarter, largely due to continued strong competition on soybeans and corn. Exports to Mexico are forecast to rise by $300 million to $28.7 billion, whereas shipments to Canada are forecast up $400 million to $28.4 billion, both record highs.
The increase in projected ag imports was predominantly driven by higher horticultural products as well as livestock and dairy imports. Read more from Pro Farmer.
