Ag Trade Gap Widens: Deficit is now projected to reach almost $50 billion by end of the fiscal year

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.

Related Stories
Rising ethanol stocks and softer gasoline demand bear watching, but stronger blending activity and exports offered some support.
Corn export demand remains supportive, but weak pork and rice sales show uneven global demand trends.
Brazil’s ethanol growth could shift the corn trade.
Tasting events in Ghana highlight potential for new export markets
Ag Secretary Brooke Rollins hints at new fertilizer plan while trade deals, soybean markets, and farm bill momentum drive ag policy discussion.
U.S. Rep. Greg Landsman and U.S. Senator Elissa Slotkin meet with Ohio farmers to discuss E15 expansion, rising input costs, trade concerns, and the need to move forward on a new farm bill.

LATEST STORIES BY THIS AUTHOR:

A glimpse into the mindset of the University of Kentucky’s trio of arborists as they relish their role in fostering healthy urban spaces across campus.
Getting strange calls or texts from “Amazon” after placing holiday gift orders? In this AARP Live Minute, experts from AARP reveal three Amazon imposter scams to watch out for as you navigate the holiday season.