Ag Trade Balance Hits Lowest Level in Nearly Two Years

Posted on 05/09/2019 2:24 PM

The U.S. registered an ag trade balance of just $111 million in March, the smallest trade balance since May 2017 when the trade balance dipped to a negative $46 million. That’s down nearly $818 million from February.

Ag exports climbed nearly $1.2 billion from February to $12.1 million in March, but ag imports climbed an even greater $2.0 billion to $11.9 billion, which translated to the narrow trade balance.

Halfway into the 2019 fiscal year, the U.S. trade balance stands at $4.801 billion, a dramatic 56% drop from the $10.942 billion trade balance registered last year at this point. For reference, the total trade surplus for FY 2018 ended at $15.812 billion, painting a grim picture for where the U.S. ag trade balance may end FY 2019.  

U.S. Agricultural Trade 1            
  Fiscal years Fiscal year to date March
2015 2016 2017 2018 2018 2019 2019
Billion dollars
Agricultural exports 139.757 129.603 140.184 143.367 74.862 69.951 12.052
Agricultural imports 114.234 113.028 119.087 127.555 63.921 65.150 11.940
               
Trade balance 3 25.522 16.575 21.097 15.812 10.942 4.801 0.111
               
  Calendar years Calendar year to date March
2015 2016 2017 2018 2018 2019 2019
Billion dollars
Agricultural exports 133.057 134.673 138.175 139.696 35.543 34.302 12.052
Agricultural imports 113.633 114.453 120.966 128.762 33.229 33.251 11.940
               
Trade balance  19.424 20.220 17.210 10.935 2.314 1.051 0.111

 

Sources: USDA, Economic Research Service, using data summed from the U.S. Department of Commerce, Bureau of Census

Add new comment