U.S. Ag Exports Down in 2016, Imports Are Higher
USAgNet - 06/15/2016
The value of U.S. agricultural exports is forecast at $124.5 billion for fiscal year 2016, down $15.2 billion from FY 2015 and the second consecutive decline since a record $152.3 billion in agricultural
exports was achieved in FY 2014.
The declining export values over the past few years reflect a combination of lower commodity prices, a relatively weak global economy, and a strong U.S. dollar -which makes U.S. products more expensive
in foreign currency terms.
The value of imports, on the other hand, continues to grow and is forecast to reach a record $114.8 billion this year, up $800 million from FY 2015.
With lower exports and higher imports, the FY 2016 agricultural trade balance is forecast to fall to $9.7 billion, down $16.0 billion from last year and the lowest since FY 2006.