US Ag Imports Set New Record While FY 2018 Ag Exports Miss The Mark

The value of U.S. ag imports slipped to $9.46 billion in September, the first time under $10 billion so far in Fiscal Year (FY) 2018. That put total imports at a record $127.6 billion, above the $126.5 billion mark forecast by USDA which also would have been a new record.Ag exports, meanwhile, eased to $10.3 billion in September and pushed the total for FY 2018 to $143.4 billion. That was below the level expected by USDA of $144.5 billion. The monthly trade surplus was $852 million for a total trade surplus in FY 2018 of $15.8 billion, under the $18-billion level expected by USDA.The U.S. export total rose from FY 2017 when shipments totaled $140.2 billion against imports that hit a then-record $119.1 billion for a trade surplus of just over $21 billion.The strong showing in U.S. ag imports kept a lid on the U.S. trade surplus several months during FY 2018, with six months where the trade gap failed to clear $1 billion. The trade surplus was under $1 billion in five months during FY 2017 and FY 2016 with FY 2015 the last time the trade surplus was under $1 billion six months.