The USDA projects a record U.S. agricultural trade deficit of $30.5 billion in 2024. Exports are forecast at $173.5 billion and imports at $204 billion. So far, in fiscal year 2024, the U.S. has seen a cumulative trade deficit of $27.52 billion, with agricultural exports totaling $161.3 billion and imports reaching $188.82 billion. Monthly deficits were recorded in 10 of 11 months, with some exceeding $4 billion.

Since peaking at $196.1 billion in FY 2022, U.S. agricultural exports have dropped by 11.5%. Exports are forecast to decline further in FY 2025 to $169.5 billion, while imports are expected to reach $212 billion.

Concerns are rising about the lack of new free trade agreements that could remove tariff barriers for U.S. agricultural products. Despite recent market access gains, some experts suggest the increase in export values may stem from higher prices rather than increased volumes, contributing to the growing trade deficit.

Read more about the growing trade deficit here.