U.S. farm exports jump 14% to new record, but imports of farm goods rise 19%, eating up most of trade surplus - Entrepreneur Generations

The U.S. exported a record value of farm products in the fiscal year that ended Sept. 30, but imports of agricultural products also surged, "leaving a scant trade surplus of $2.4 billion, compared to the surplus of $8.4 billion the previous year," reports Bryan Doherty of Successful Farming.

Farm exports were valued at $196.4 billion, 14% higher than the previous record of $172.7 billion, set in the previous fiscal year, the Commerce Department said. China remained the top buyer, at $36.4 billion; Canada was second at $24.3 billion and Mexico third at $23.9 billion.

Among farm goods, soybean exports rose 26%, to $33.3 billion. Wheat was up 15%, to $8.3 billion, and corn rose 12%, Doherty reports: "Cotton had the largest increase in percentage terms, 41%, to $9 billion. Dairy, red meats and ethanol also notched large increases. But rice sales fell 10% and tobacco 27%."

Imports rose 19%, to $194 billion. "Ag imports are dominated by shipments of fruits, vegetables, nuts, wine, beer, distilled spirits, sweeteners and tropical products such as coffee and cocoa," Doherty notes.

from The Rural Blog https://ift.tt/kWFIdgf U.S. farm exports jump 14% to new record, but imports of farm goods rise 19%, eating up most of trade surplus - Entrepreneur Generations

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