Farm export and import values fell most of this year, reversing increases in both last year.
Last year, inflation and higher unit prices gave rise to higher export and import figures. But USDA Economist Bart Kenner tells USDA Radio, things changed for most of this calendar year. Kenner says, “That inflation has started to ease, and volumes are continuing to stay pretty consistent. And so, we’re starting to see some of that decrease in import value, overall, as those prices start to come down a little bit.
Import totals have fallen about three-percent while exports have fallen much more according to Kenner. He says, “Exports of wheat, 5.3 billion dollars, down 29-percent from last year, corn exports are 11.1 billion dollars, down 33-percent from last year, soybean exports are 21.4 billion dollars, down ten-percent from last year.”
Plus, overall Ag exports dramatically down from a record year last year. Kenner says, “144.3 billion dollars, down 18.2 percent from the previous year, agricultural imports are 163.3 billion dollars, down 3.1 percent from last year.”
That all adds up to a trade deficit approaching 20 billion dollars according to Kenner.