U.S. Agriculture Returning To Strong Ag Trade Surpluses

WASHINGTON, DC – U.S. agricultural exports are projected to total $139.5 billion this fiscal year, while agricultural imports are expected at $132.5 billion. According to the Economic Research Service’s latest outlook for U.S. agricultural trade, this represents a $4 billion increase in exports and a $1.6 billion rise in imports over 2019. This increases the trade surplus by $2.4 billion and reverses the trend of a decreasing trade surplus in recent years. Record high pork exports are projected as global demand for U.S. pork grows because of the outbreak of African Swine Fever. Expectations of increased Chinese purchases of U.S. soybeans due to the relaxation of trade barriers further drive up the total U.S. projected export growth, but uncertainty resulting from the COVID-19 outbreak is tempering the outlook. Total U.S. imports are increased because of growing demand for horticultural products from the Americas, primarily fresh fruit, coupled with stronger imports of foreign vegetable oils, and are slightly offset by a reduction in fresh vegetable imports