According to data released by the USDA earlier this month, at the three-quarter point in the trade year, U.S. food and agricultural imports were nearly $7 billion larger than farm exports, $148.2 billion vs. $141.4 billion. These figures cover sales for the 2023 year through June.
The USDA forecasts a $17 billion food trade deficit for the 12 months ending on Sept. 30, due to a drop-off in corn, wheat, beef, and poultry exports, while demand remained strong for imports that include wine, coffee, beer, fresh fruits and vegetables, and distilled spirits.
If their forecast is correct, this will mark the third year in the past five years to register a food trade deficit. The USDA is scheduled on Aug. 31 to update its export and import estimates for this year and make its first estimate of agricultural trade in fiscal 2024.
