U.S. farm exports and imports are slowing based on USDA’s latest projections. The final figures aren’t in yet for the fiscal year that ended last month, but USDA Economist Bart Kenner says farm exports will likely be down.
Kenner says U.S. exports have some ground to make up to meet the projection.
That comes after back-to-back record export years. However, on the flip side Kenner says farm imports are slowing down.
And dramatically so after the prior two fiscal years.
That increase yielded a $14 billion agricultural trade deficit, which Kenner says is due more to declining export sales than foreign ag imports.
