The United States Department of Agriculture (USDA) is reporting a decline in the agriculture trade surplus from 2008 thus far in the year. However, in a bit of silver lining, the USDA is also reporting an increase, though slight, in agriculture exports from May to June.According to Tom Seever’s story for Brownfield’s Ag News, USDA analyst Nora Brooks reports that “[f]or the first three quarters of Fiscal ‘09, the export value of $74.5 billion is 14 percent lower than the same time in Fiscal ‘08[.]” Additionally, agriculture export tonnage is down more than the dollar value of the exports. Brooks reports that bulk volume is down 19% from last year.
While exports are down, imports of agricultural products into the United States is also behind last year’s rate by roughly 5%. Taken together, the United States still has a trade surplus in agriculture. The total surplus of “just under $18 billion” is roughly $10 billion below what it was last year.
To read the Brownfield’s story click here.
posted; 08/17/09
