U.S. agricultural trade data for January showed exports at $11.44 billion against imports of $11.67 billion for a trade deficit of $234 million. U.S. ag exports nudged higher by just $65 million while imports rose by $306 million, producing the monthly red trade ink.
Overall U.S. exports fell slightly while imports posted a larger decline, trimming the U.S. trade deficit. This marks the fourth month in the last year that U.S. agriculture has registered a monthly trade deficit.
So far in Fiscal Year (FY) 2020, ag exports total $48.03 billion ($46.85 billion year ago) while imports are at $43.65 billion ($43.25 billion year ago) with a trade surplus of $4.38 billion ($3.61 billion year ago).
USDA in February forecast U.S. ag exports for FY 2020 to be at $139.5 billion against imports at a record $132.5 billion for a trade surplus of $7 billion. That suggests there will be more months ahead with either minimal trade surpluses for agriculture or monthly deficits.
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