Exports of U.S. agricultural products reached $135.9 billion in Fiscal Year (FY) 2020 with imports at $133.2 billion for a trade surplus of just $2.7 billion.
USDA in August forecast FY 2020 ag exports at $135.0 billion against imports of what would have been a record $131.7 billion which would have resulted in a forecast surplus of $3.3 billion.
The FY 2020 export mark is just above the $135.5 billion figure registered in FY 2019 but well short of the FY 2018 mark of $143.4 billion and even further below the FY 2014 record of $152.3 billion.
What moved the export and import figures past forecast levels were September U.S. ag exports of $12.2 billion against imports of $11.0 billion for a monthly trade surplus that was at $1.3 billion. The monthly export total was the largest since November 2019 and imports were at their highest since June.
U.S. agriculture registered a trade deficit six months during FY 2020, including a record of $1.13 billion in June.
For FY 2021, USDA in August forecast exports to rise to $140.5 billion against imports forecast at $136 billion for a surplus of $4.5 billion.