USDA now forecasts fiscal year (FY) 2024 ag exports at $170.5 billion, up $1.0 billion from the November forecast. Exports of livestock and dairy, as well as grains and feeds, lead the increase, which more than offset reductions in oilseeds and products. China is forecast to remain the largest market for U.S. agricultural exports at $28.7 billion, an $800-million reduction from the previous projection, largely due to strong South American competition for soybeans and corn. Exports to Mexico are forecast to rise by $500 million to a record $28.4 billion, whereas exports to Canada are increased $300 million to $28.0 billion.
U.S. ag imports in FY 2024 are forecast at $201.0 billion, up $1.0 billion from the November projection, driven by higher beef imports that raised $1.2 billion to $10.1 billion.
That would result in a record ag trade deficit of $30.5 billion in FY 2024, unchanged from the November outlook.
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