U.S. agricultural exports in September totaled $10.30 billion against imports of $10.08 billion for a monthly surplus of $219.8 million. That put U.S. ag exports for Fiscal Year (FY) 2019 at $135.57 billion against imports of $130.94 billion for a trade surplus of $4.63 billion.
USDA’s forecast for exports was too robust at $137 billion while their import outlook was too conservative at $129 billion. The level of imports still registered a new record even as the September result was the second lowest of FY 2019.
But imports topped $11 billion four months in FY 2019 with one of those months seeing imports of more than $12 billion.
The September ag export total was the lowest of FY 2019 and the smallest monthly export total since June 2016. The resulting trade surplus for FY 2019 is the smallest since it was $4.57 billion in FY 2006.
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