The USDA says that we could have record exports and imports for ag products this year.
Estimates peg the export total to hit $173 billion dollars. Imports could also reach a record number at $157 billion dollars.
This would be the first time since 2018 with an ag trade surplus of $16 billion dollars.
USDA chief economist, Seth Meyer, shares his expectations for the 2022 fiscal year: “Exports expected to expand a further $4 billion while imports expanding $2 billion, kind of widening that trade balance that we have.”
Meyer also predicted the surplus will grow to $18 billion dollars in 2022.