The value of U.S. ag exports in December moved down to $11.85 billion, down from $12.66 billion in November, putting total exports for the first three months of Fiscal Year (FY) 2020 at $36.59 billion.
Ag imports rose to $10.75 billion in December, up from $10.31 billion in November, putting the FY 2020 total at $31.98 billion. The monthly trade surplus was $1.1 billion pushing the quarterly surplus to $4.62 billion.
So far in FY 2020, exports have totaled more than $1 billion above the year-ago period, while imports have risen nearly $100 million. The rise in exports compared with year ago is an encouraging sign but even more surprising is that imports have not risen more.
The overall U.S. December trade results showed that imports rose significantly in December, a trend not matched in the agricultural data.
Now the focus will shift to how USDA alters their outlook for U.S. ag exports later this month, in particular how they account for the Phase One agreement with China and the ag purchase commitments in that pact.
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