Magazine article Amber Waves

Reduced Exports to China in Fiscal Year 2019 May Drive U.S. Agricultural Trade Balance to Lowest Level since 2007

Magazine article Amber Waves

Reduced Exports to China in Fiscal Year 2019 May Drive U.S. Agricultural Trade Balance to Lowest Level since 2007

Article excerpt

According to ERS agricultural trade projections, U.S. agricultural exports are projected to total $141.5 billion in fiscal year (FY) 2019, while agricultural imports are expected to total $127 billion. The projections indicate an agricultural trade surplus of $14.5 billion. Unlike overall U.S. trade in goods and services, U.S. trade in the agricultural sector consistently runs at a surplus. The $14.5 billion surplus projected for FY 2019 is the lowest since FY 2007, when the United States exported $12.2 billion more in agricultural goods and services than it imported. As expected, the U.S. agricultural trade surplus depends on changes in exports and imports. While exports have increased in value since 2016, the value of imports has risen at a slightly faster rate, leading to a declining trade balance. This is further compounded in FY 2019 by significant declines in projected exports to China.

The forecast value for U.S. agricultural exports in FY 2019 reflects a $3.0 billion decrease from the previous forecast and a $1.9 billion decrease from FY 2018. At the regional level, exports to East Asian countries are forecast to decline by $6.7 billion-the result of an expected decrease of $7.3 billion in agricultural exports to China from the 2018 total of $16. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.