IARN — Data from the US Department of Agriculture shows US agriculture exports had another solid month in November.
For the second consecutive month, US Ag exports were valued above $15 billion, coming in at $15.48 billion for November. USDA economist Brad Kenner notes that US agriculture imports were solid as well, hitting over $11 billion for a second straight month.
“Agricultural exports for the month of November 2020 were $15.5 billion compared to $12.7 billion for November 2019,” Kenner said. “That’s an increase of 23 percent. Agricultural imports were $11.4 billion compared to $10.3 billion from November the year before. That’s an increase of 10.3 percent.”
“Exports of wheat for calendar year to date 2020 were $5.8 billion compared to $5.7 billion this time last year,” Kenner said. “That’s an increase of 1 percent. Exports of corn were $8.3 billion compared to $7.2 billion this time last year for an increase of 15 percent. Exports of soybeans were $20.8 billion compared to $16.6 billion this time last year for an increase of 25 percent. Exports of cotton were $5.5 billion for a decrease of 4 percent.”
Overall, the US had a trade surplus of $4.11 billion, up from $3.52 billion in October. USDA forecasts US Ag exports at $152 billion for Fiscal Year 2021 – up from $135.9 billion in Fiscal Year 2020. USDA forecasts US Ag imports at a record $137 billion for Fiscal Year 2021, up from a record $136 billion in Fiscal Year 2020.
Story courtesy of the Iowa Agribusiness Radio Network
Image source: Wikimedia Commons
