U.S. agricultural exports in November were valued at $15.48 billion, marking the second consecutive month above that level after they were at $15.13 billion in October. November ag imports totaled $11.37 billion, down from $11.62 billion in October, but still a second straight month above $11 billion.
The result was a trade surplus of $4.11 billion, up from $3.52 billion in October.
U.S. agricultural exports are typically the highest at the start of the fiscal year in October and then usually work lower from that point. Ag imports usually do not peak until the March-May timeframe. The November total for U.S. ag exports did not register a new monthly record as that was set in November 2013 when export totaled $15.81 billion. U.S. ag imports in Fiscal Year (FY) 2020 were at or above $11 billion for five months and the data sets the stage for another strong run for imports, especially with expectations that the U.S. economy will improve.
But the export outlook could also remain strong with the U.S. dollar under pressure, making U.S. ag exports more competitive on the world market.
USDA forecasts U.S. ag exports at $152 billion for FY 2021, up from $135.9 billion in FY 2020, with imports at a record $137 billion, up from a record $136.0 billion in FY 2020.