The U.S. Department of Agriculture (USDA) last week projected a $9 billion trade deficit for U.S. agriculture in Fiscal Year 2023 (FY23) on forecasts of lower exports than previously expected.
U.S. agricultural exports are projected at $190 billion for FY23, a $6.4 billion drop from FY22 farm exports.
The export forecast for FY23, which runs from October 2022 to the end of September 2023, was lowered by $3.5 billion from the August trade forecast. Agricultural imports are forecast at a record $199 billion, a $2 billion increase from the...
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