The U.S. is off to a pretty strong start for 2023 ag exports.
The fiscal year starts October 1st, and this year we saw $17.5 billion worth of exports, which is $200 million off what we saw last October. USDA Economists note exports usually hit their peak between October and December, so they are hopeful the next two reports will deliver promising news.
“Agricultural exports for the calendar year to date, 2022 through October were $161.5 billion, up 14 percent from 2021, which was $141.9 billion. Agricultural imports were $166.2 billion, up 18 percent from $140.5 billion this time last year for a trade balance of -$4.7 billion,” said Bart Kenner.
Kenner says despite these promising numbers, USDA expects a 3 percent drop in exports for 2023. The strong U.S. dollar makes American products pricier overseas.
