The trade outlook for 2024 still shows the U.S. with a record trade deficit, according to USDA’s third trade outlook for fiscal year 2024.
“There is still expected to be a record agricultural trade deficit of $30.5 billion and also an annual decline in agricultural exports of about $8.3 billion to $170.5 billion,” said Betty Resnick, an AFBF economist, in Newsline. “That reduction is fueled primarily by a reduction in both the value and volume of soybeans and soybean products and also a strong U.S. dollar.”
Overall, U.S. agricultural exports and imports are projected up a billion dollars each. U.S. exports to China were revised down by $800 million compared to the previous report, while exports to both Mexico and Canada were increased.
USDA Data Shows U.S. at a Trade Deficit in 2024
