The trade tides are turning and the U.S. is expected to import more agricultural goods than export this year.
As it stands, we are looking at a $700 million deficit, which is expected to grow to $17 billion by the end of the year. USDA Economist Bart Kenner explains it has to do with the strong value of the dollar.
“That typically is a headwind for exports as our products are more expensive compared to similar products from other countries for foreign buyers.”
Kenner says the strong U.S. dollar boosts imports since we can buy more for the same price elsewhere, especially when it comes to fruits, vegetables, and wines.
