Ag trade deficit
Ag trade deficit to set back-to-back-to-back records
The U.S. food and ag trade deficit will soar to a record $42.5 billion in the fiscal year opening on Oct. 1, fueled by steadily growing consumer demand for imported fresh produce, alcohol, coffee, and sugar, said USDA economists on Tuesday. It would be the third year of largest-ever deficits while export sales, hobbled by the strong dollar, retreat from the record set in fiscal 2022.
Ag trade deficit is a record, but smaller than expected
The United States ran a record agricultural trade deficit of $16.6 billion in the fiscal year that ended on Sept. 30, said a USDA database. The deficit was smaller than the forecast of $19 billion but fiscal 2023 was the third deficit in the last five years.
USDA pumps $2.3 billion into export promotion and food aid
Facing a back-to-back decline in food and ag exports, Agriculture Secretary Tom Vilsack said on Tuesday the USDA would provide an additional $1.3 billion to build overseas demand for U.S. products and an additional $1 billion for global hunger relief. The USDA currently spends a combined $2.5 billion a year on those objectives.