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.”
Kenner reviews total export sales of bulk commodities for the first eleven months of 2020.
“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.