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.
USMEF’s Jay Theiler discusses his leadership role in representing U.S. beef and pork and provides an update on this week’s conference in Indianapolis.
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The request follows pressure from the American Sheep Industry Association (ASIA), which called for a formal investigation into whether lamb imports from Australia and New Zealand have cut into the U.S. market share.
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David Hardin with the Indiana Soybean Alliance discusses USMEF’s push to open new global export markets for both meat and soy-based feed.
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