The latest trade numbers from the USDA show more American products were sold overseas during the first seven months of the current fiscal year. USDA Economist Trade Tacker, Bart Kenner said exports are up 1.1% to $81.9 billion. He noted from March to April a few products saw increased export sales, such as wheat, rice and corn. But most commodities suffered double digit declines for April sending overall exports down 10 %.
Kenner noted, that was not unexpected.
“Much of the economy was shut down both in the U.S. and abroad due to restrictions to try to prevent the spread of the COVID-19 virus. That caused shifts in consumption behavior as well as disruptions to supply chains combining to just have a general contraction and trade.”
And despite two straight months of an Ag trade deficit, Kenner said the U.S. is still running a trade surplus for the year at about $3.8 billion dollars.
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