U.S. agricultural exports edged up to $14.66 billion in May after being at $14.54 billion in April, while U.S. agricultural imports were at $14.56 billion compared with $14.35 billion in April. That left a trade surplus of $95.9 million for the month, about half of the $189 million surplus reported in April.
So far in Fiscal Year (FY) 2021, U.S. agricultural exports have reached $121.61 billion against imports of $105.79 billion for a cumulative surplus of $15.82 billion.
The forecast for U.S. agricultural exports in FY 2021 that was updated in May looks for shipments to total $164 billion and imports to be $141.8 billion which would leave a surplus of $22.2 billion.
To reach the forecast marks, U.S. agricultural exports would need to be at $10.6 billion the next four months with imports at just $9 billion. Both marks would seem to be low based on trade data thus far in FY 2021 and would mark a major slowdown on imports that does not seem likely given the improving U.S. economy.