February data shows imports slide more than exports

The value of U.S. ag exports fell to $10.87 billion in February, down from $11.93 billion in January, but the decline in the value of imports was even greater – imports were valued at $9.95 billion compared with $11.36 billion in January. That elevated the U.S. ag trade surplus to $929 million, up from $564 million in January. So far in Fiscal Year (FY) 2019, U.S. ag exports total $57.9 billion, down from $62.01 billion at this point in FY 2018, while imports are at $53.21 billion, up from $52.24 billion at this stage in FY 2018. That puts the cumulative trade surplus at $4.69 billion so far in FY 2019, down more than 50 percent from the $9.78 billion at this point in FY 2018. This marked three months in a row where the U.S. trade surplus was under $1 billion. This also was the first month since September that the value of U.S. ag imports has been below $10 billion.