U.S. ag exports for this year are taking a downward turn, while imports are not slowing down.
Recent USDA data shows for the first nine months of the year, U.S. food and agricultural imports were nearly $7 billion larger than farm exports. USDA Economist Bart Kenner says exports have seen consistent monthly declines, and there are several contributing factors.
“Down 7 percent from $152.1 billion this time last year. A big part of the story is price competitiveness and a cooling global economy.”
USDA projects ag exports for the year will be down 8 percent from last year’s record high.
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While this adjustment is substantial in percentage terms, according to David Widmar with Agricultural Economic Insights—it is part of the natural ebb and flow of the agricultural economy.
