The agricultural trade deficit, or the value of exports from the U.S. versus imports into the country, increased in the first eight months of the fiscal year.
USDA data says the deficit was at $15.2 billion thus far in the 2023-2024 marketing year that runs through September 30. That compares with a deficit of $3.89 billion during the same period last year. From October 1, 2023, through the end of May, exporters shipped $122.3 billion worth of agricultural products. At the same time, the agency report says importers brought in $137.6 billion in goods. The ag trade deficit in the 2023 fiscal year that ended on September 30 totaled a record $17.2 billion. The agency says that compared with a surplus of $1.92 billion a year earlier. Exporters shipped $13.7 billion worth of agricultural products in May while importing $18 billion, for a deficit of $4.27 billion for the month.
