U.S. agriculture will have a smaller export surplus this year.
According to the USDA’s Economic Research Service, agriculture exports are projected to total $137 billion in 2019, while imports are expected at $129 billion. The $8 billion surplus is the lowest since 2006, when the U.S. only exported $4.6 billion more than it imported.
The decline in expected value was mainly due to lowered expectations for corn and soybeans.
Agriculture is one of the few trading areas the United States has a surplus.