(NAFB)- Farm export and import values fell most of this year (2023), reversing increases in both in 2022.
Last year, inflation and higher unit prices gave rise to higher export and import figures. But, USDA Economist Bart Kenner says things changed for most of this calendar year.
“That inflation has started to ease, and volumes are continuing to stay pretty consistent. And so, we’re starting to see some of that decrease in import value, overall, as those prices start to come down a little bit.”
Kenner says import totals fell about 3%, but exports fell by much more.
“Exports of wheat, 5.3 billion dollars, down 29-percent from last year, corn exports are 11.1 billion dollars, down 33-percent from last year, soybean exports are 21.4 billion dollars, down ten-percent from last year.”
Kenner says overall ag exports are down dramatically from a record year last year.
“144.3 billion dollars, down 18.2 percent from the previous year, agricultural imports are 163.3 billion dollars, down 3.1 percent from last year.”
Kenner said that’s a trade deficit approaching $20 billion.
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