US Running Record High Monthly Trade Deficit

The U.S. imported $387 million more of agriculture products than it exported, a record high monthly trade deficit.

USDA Trade Economist Bryce Cooke said this is the second straight month of an agriculture trade deficit, “Which actually is the first time that that’s happened since January and February of 1969.”

Cooke blames exports which dropped 15 percent in the first seven months of fiscal 2016 when compared to 2015 while imports are only down one percent.