US Ag Trade Surplus Dropped in April As Exports Fell

U.S. agricultural exports fell to a value of $10.8 billion in April, down from $12.43 billion in March against imports of $10.32 billion which were down from $10.88 billion in March, paring the U.S. agricultural trade surplus for April to $483 million, down $1.1 billion from March, according to USDA's U.S. Trade Data Update.The U.S. agricultural trade value is the smallest since July when it was $10.64 billion and the first total below $11 billion for Fiscal 2017. Ironically, even though imports fell in value for April, they stayed above $10 billion, marking the first time in USDA data going back to Fiscal 1976 that there have been three months of imports over $10 billion in any fiscal year.The trade surplus dropping to just $483 million makes it the smallest trade surplus since a monthly deficit of $89 million in May 2016, and the first time in nine months the surplus has been less than $1 billion.