U.S. Agricultural Imports Expecting First Decline Since 2016

(WASHINGTON, DC) U.S. agricultural imports next year (FY2020) are forecast at $129 billion, $300 million less than the adjusted forecast for this year (FY2019). According to the Economic Research Service (ERS) at USDA, a decrease in imports in 2020 would mark the end of a steady period of import growth dating back to 2016. Imports from almost every top trading region other than Southeast Asia and Mexico are expected to decrease. Imports from Asia are projected to increase $500 million to $22.7 billion. Imports from Southeast Asia are also projected to increase by $600 million to $13.6 billion. The sharp growth is due in part to a $300 and $400 million increase for FY 2020 projections for Vietnam and Indonesia, respectively, as Southeast Asia continues to grow as a major trading partner to the United States. U.S. agricultural imports from China are expected to increase slightly ($100 million) to $4.4 billion. Imports from the Western Hemisphere are forecast at $70.5 billion, a $500 million decrease year over year. Imports from Canada are down $100 million and Mexico is off $200 million in the upcoming year. No changes are expected for trade with Africa, the Middle East, and Oceania.