In September, U.S. agricultural exports reached $13.13 billion, while imports were $17.39 billion. This resulted in a monthly trade deficit of $4.26 billion.

For fiscal year 2024, agriculture exports totaled $174.43 billion. Imports came in at $206.21 billion. This resulted in a record annual deficit of $31.78 billion that surpassed the USDA’s $30.5 billion forecast. It is significantly higher than the $17.1 billion deficit from FY 2023.

The sector experienced trade deficits in 11 of 12 months during fiscal year 2024. Four months exceeded $4 billion in deficits.

For fiscal year 2025, the USDA predicts exports will decline to $169.5 billion and imports will increase to $212 billion. This would lead to a projected trade deficit of $42.5 billion, setting a new record.

Read more on the agricultural deficit forecast here.