The value of U.S. ag exports in April dropped to $10.67 billion, down 10.3% from $11.89 billion in March, as COVID-19-related impacts slowed demand from U.S. buyers.
While the value of ag imports dropped to $11.40 billion in April, down 8% from $12.39 billion in March, it left a deficit for the month of $733.8 million. This marked the second monthly batch of trade red ink for the sector in a row and the third in four months.
The fall in exports being more dramatic than the fall in imports matched the overall trade picture in April where exports were at $151.3 billion, down 20.5%, while imports were at $200.7 billion, down 13.7%.
So far in Fiscal Year (FY) 2020, U.S. ag exports are valued at $81.9 billion against imports of $78.04 billion for a trade surplus of $3.86 billion. So far in FY 2020, the value of ag exports and imports are both above the same point in FY 2019.
USDA has lowered its forecast for FY 2020 U.S. ag exports to $136.5 billion ($139.5 billion prior) and trimmed the import outlook to $130.2 billion ($132.5 billion), leaving a surplus of $6.3 billion. To meet USDA’s forecasts, exports would have to average $10.92 each month and imports $10.432 billion.
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