US Ag Imports Hit New Record in March

The value of U.S. agricultural exports rose to $12.05 billion in March, up $1.2 billion from February, but imports hit a record $11.94 billion as they rose nearly $2 billion from the February mark. That left just a $111 million trade surplus, the smallest since the U.S. registered an ag trade deficit of $46 million in May 2017. The export total was the third highest of Fiscal Year (FY) 2019 and marked five out of six months so far in FY 2019 that imports have been valued at $10 billion or more. The value of U.S. ag exports so far in FY 2019 totals $66.95 billion, down sharply from $74.86 billion at this point in FY 2018, while imports are at $65.15 billion, up from $63.92 billion one year ago. That sets the stage for U.S. agriculture to fall short of the FY 2019 forecast of $141.5 billion and to beat the forecast for imports of $128 billion.