The ag trade deficit is projected to rise again this year. New numbers out this week show it has taken big leaps over the last couple of seasons.
USDA shows the ag trade deficit will land in the red at $49.5 billion for this fiscal year, which ends in September, and that is up from $49 billion projected back in February. Last year, the deficit was just shy of $32 billion, and it was $17 billion in 2023. In 2021, the ag trade deficit was just $2 billion.
The updates come as USDA lowered its forecast for exports of livestock products, canceling out increases in oilseeds and grains.
Before leaving her trade mission in Rome this week, Ag Secretary Brooke Rollins took to X, commenting on those new numbers. She says the time has come to shrink that gap and open up new markets around the world. She adds that additional bilateral trade deals are on the horizon for U.S. row croppers. Secretary Rollins left Italy yesterday, but has plans for more trips to India, Vietnam, and Japan next month.
WTO gauges point to agricultural raw materials trade growing more slowly than overall goods, reinforcing the need to manage export risk and monitor policy shifts closely.
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China’s renewed purchases signal improving sorghum demand at a time when export markets are otherwise uneven. Meanwhile, agriculture groups across the U.S, Canada, and Mexico want to protect close trade relations.
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Pressure on grain storage capacity and stronger export positioning are pushing more grain onto railroads, highways, and river systems as logistics become a key bottleneck this fall.
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