The ag trade deficit continues to grow, based on USDA’s latest trade figures for fiscal year ’24 through August. USDA Economist Bart Kenner says US farm exports continue to decrease.
Imports on the other hand are on the upswing.
That’s nearly twice the farm trade deficit last year at the same time. Kenner says it is not based on reduced volumes.
Some bulk export volumes like wheat and soybeans are down, while others show modest improvement.
Last month, USDA predicted a record ag trade deficit this fiscal year of $42.5 billion dollars, a third more than FY ’24, which ended in September. Leading Democrats and Republicans in Congress have argued for more market-opening trade deals. Such agreements are opposed by President Biden and organized labor because they say they would hurt manufacturing jobs.
