U.S. ag exports have been on a downward trend, and new numbers show the situation is not getting much better. Since the fiscal year began last October, the U.S. trails the rest of the world by $15 billion.
In May, U.S. ag exports were worth $13.7 billion for the month, which is a two percent drop from the same time last year. For the fiscal year going back to October, exports are around $6 billion off last year’s numbers, or about five percent.
Economists with USDA point to double-digital drops in bulk commodity exports.
“Soybean exports for fiscal year 2024 to date are $20.6 billion, a 29% decrease from the previous fiscal year. To date, wheat is at $3.7 billion, which is an 18% decrease from the previous fiscal year. Corn, on the other hand, is $9.1 billion for this fiscal year as opposed to $9.8 billion for the previous fiscal year, which is a 7% decrease. Cotton is $3.9 billion for fiscal year 2024, which is an 11% decrease,” said James Kaufman.
Meanwhile, ag exports are up by four percent year-over-year. Kaufman places the jump on a strong U.S. dollar making imports less expensive. In total, the U.S. ag trade deficit stands at $15 billion.
