U.S. ag exports totaled $15.91 billion in December, setting a new record for the month and marking the first time that value of U.S. ag exports has topped $15 billion three months in a row. The prior monthly record was $15.82 billion that was set in December 2013.
The December total was up from $15.48 billion in November.
Imports of ag products totaled $11.65 billion, up from $11.37 billion in November. That left a trade surplus of $4.26 billion for the month. USDA forecasts U.S. ag exports at $152 billion in FY 2021 against imports of $137 billion for a surplus of $15 billion.
Three months into FY 2021, exports already total over 30% of the forecast for the entire FY. The highest totals for U.S. ag exports typically have come in the first quarter of a fiscal year, so it will be interesting to see if the sector registers another month at or above $15 billion.
While USDA does not forecast a trade surplus level — it is a function of their export forecast minus their import forecast — the total so far is just above 79% of the total. But the period for the largest imports still lies ahead in the March-June timeframe.
After starting FY 2020 with strong surpluses for the first three months, the trade data saw monthly deficits in six of the next seven months. The final result for FY 2020 saw exports at $135.87 billion against imports of $133.22 billion for a trade surplus of $5.7 billion.