Economic Challenges Worldwide Force Retreat in Farm Exports, Says USDA
After setting a record last year, U.S. farm exports will shrink 8 percent this year, due to tightening economic conditions worldwide and lower commodity prices, said the Agriculture Department on Wednesday. The $15.4 billion decline in sales would be most pronounced for corn, cotton, beef, and soybeans.
In a quarterly forecast, the USDA pegged ag exports in fiscal 2023 at $181 billion, down sharply from the highest-ever exports of $196.4 billion last year. Ag imports were forecast at $198 billion. The ag trade deficit of $17 billion would be the largest ever, and the third in five years. For decades, farm exports were a reliable bright spot in the U.S. trade picture.
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In a quarterly forecast, the USDA pegged ag exports in fiscal 2023 at $181 billion, down sharply from the highest-ever exports of $196.4 billion last year. Ag imports were forecast at $198 billion. The ag trade deficit of $17 billion would be the largest ever, and the third in five years. For decades, farm exports were a reliable bright spot in the U.S. trade picture.
Click Here to read more.