Ag Imports Forecasted Up in May

The latest USDA Ag trade forecast points towards record exports for fiscal year 2022. Yet while there was a significant increase in exports from the previous quarterly forecast, also rising from the previous report: Ag imports.

"Upward revision of imports and increase in year over year is the same countries we're talking about increasing exports, with an overall increase of both import and export trade with Mexico and Canada," said USDA Chief Economist Seth Meyer. "And some of this, again, is going to be on price as well, but the strength of the dollar.  Some of it being obviously counter seasonal demand for certain products, particularly for Mexico, in terms of we are importing products at a certain time we don't have it and the Mexicans have it.  And we think about things like horticultural products."

Rise in unit values are noted as a primary reason for US Ag import projections of $8 billion from the February forecast. Now at an estimated $180.5 billion dollars for this fiscal year.

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