U.S. agricultural exports are now expected to reach a value of $152.0 billion in Fiscal Year (FY) 2021, up from $140.5 billion in August, while the value of imports is now seen at $137 billion, up from $136 billion, with higher soybean and corn export values and strong demand seen driving the forecast bump.
The outlook sees FY 2021 with an agricultural trade surplus of $15 billion. For FY 2020, USDA recorded exports of $135.9 billion, up slightly from the $135 billion forecast in August, while the value of imports is seen at $133.2 billion, up from the $131.7 billion previously forecast. Those totals put the FY 2020 agricultural trade surplus at just $2.7 billion.