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.