U.S. agricultural exports were at $11.31 billion in February, down from $11.44 billion in January, while U.S. ag imports were at $10.60 billion, down from $11.67 billion in January. That resulted in a trade surplus of $711 million after the sector had a deficit of $234 million in January.
So far in fiscal year (FY) 2020, U.S. agricultural exports total $59.34 billion against imports of $54.25 billion for a surplus of $5.09 billion. In FY 2019, exports were at $57.72 billion against imports of $53.19 billion and a trade surplus of $4.53 billion.
But for all of FY 2019, exports reached $135.54 billion against imports of a record $130.94 billion for a surplus of just $4.6 billion. We are entering into the period when U.S. ag imports typically are the strongest – they typically peak during the March-May period.
In FY 2019, agriculture registered a record trade deficit of $871 million in April and a deficit of $255 million in May.
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