USDA Trade Deficit Continues To Grow

The USDA is out with the latest trade data for the current fiscal year.  Agriculture Department economist Bart Kenner takes a look at the latest export and import projections from October to January.

“Agricultural exports for fiscal year to date were $64 billion, up 2% from the previous year," he noted.  "Agricultural imports for fiscal year to date through January were $76 billion, up 15% from the same time period the year before.”

When it comes to the trade balance for the 2024-2025 final year to date.

“A trade balance of -$12 billion, which is $8.9 billion less than the -$3 billion during the same time period the previous year,” Kenner said.

He added while bulk commodity exports were down 1% from the previous year, high value exports reported a 3% year-over-year jump.

"Big change from vegetable oil exports were up 48% from the previous year at $1.2 billion.  Distilled spirit exports were up 33% from the same time last year," Kenner said.  "With fruits and vegetables, we’re looking pretty consistent with overall fruit products being 2% over last year at $1.9 billion, and vegetable products being 3% over last year at $2.9 billion.”

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