US Ag Imports Continue on Record Pace

U.S. agricultural exports in August totaled $10.98 billion against imports of $10.36 billion for a monthly trade surplus of $619 million. The value of imports fell slightly more than the fall in the value of exports, resulting in the trade surplus edging up by $17 million compared with July.The monthly results also confirmed the record pace of U.S. ag imports continues. Imports have never been valued at $10 billion or more every month of the Fiscal Year (FY) before, with the next-best showing in FY 2017 when imports crested $10 billion four months, including three consecutive months over the March-May period. Not only have agricultural imports been at $10 billion or more so far in FY 2018, they have bested $11 billion four months.The export total of August of $10.98 billion was the lowest mark of FY 2018, a year which included two months of $13.2 billion or more in exports – October and November.The U.S. ag trade surplus has been under $1 billion six months in FY 2018, but so far has not registered a deficit. The last time the ag trade surplus was under $1 billion for six months was in FY 2015. The trade surplus was below $1 billion five months in each of FY 2016 and 2017, including registering a trade deficit one month in each of those two fiscal years.