U.S. agricultural exports in Fiscal Year (FY) 2020 are now expected to be valued at $136.5 billion, down from $139.5 billion in February, while the value of imports is now seen at $130.2 billion, down from $132.5 billion.
The economic impacts from the COVID-19 situation were flagged for the downward revisions to the outlook. The outlook would leave a trade surplus of $6.3 billion.
The COVID-19 situation is hitting with a one-two punch, the Economic Research Service (ERS) said, “damaging the ability of individuals and firms to produce goods and services while simultaneously changing the consumption behavior of consumers and businesses across the globe.”
Global real per capita GDP growth is seen declining by 5.5% compared to 2019 with the U.S. result now expected at a decline of 7.1%. Their prior outlook was for expansion of 1.1%, which means the downgrade translates in reduction of $1.8 trillion in economic activity.
USDA will update its trade data Thursday with April figures.
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