The deficit arose as U.S. ag exports for March were valued at $10.314 billion against imports of $10.349 billion for the $35 million shortfall. In February, U.S. agriculture registered a $1.097 billion surplus as exports were valued at $10.654 billion against imports of $9.558 billion.
March ag imports are the second highest on record, behind only the $10.616 billion mark set in March 2015.
The monthly deficit of $35 million is the first since the $34.276 million deficit registered in Aug. 2006, and the largest deficit since April 2006 when it was $149.114 billion. U.S. agriculture posted three monthly trade deficits in Fiscal 2006.
The rise in imports of agricultural products is somewhat surprising given that overall trade data in March showed imports down 3.6% compared to February while U.S. ag imports rose 8.3% compared to February while exports declined 3.2%. Overall U.S. exports fell 0.9% compared to February.