Trade Update Shows Rising U.S. Export
On the trade front, the USDA is out with the latest numbers for the first eleven months of calendar year 2021.
"Agricultural exports through November of 2021 were $160.6 billion; a 20% increase from 2020," noted USDA economist, Bart Kenner, adding for the first eleven months of last year, wheat exports were running 16% ahead of the same time frame in 2020, and even more impressive:
"Exports of corn were 17.4 billion; up 110%. Soy bean exports were 23.1 billion; up 11%."
But, Kenner pointed out, cotton sales were down 4%. Nonetheless, a record pace for total U.S. exports, over $160.5 billion. American Ag imports also running at a record level, up just under $156 billion.
"Leaving us with an agricultural trade balance of $4.7 billion."
Kenner called that a "nice" trade surplus for 2021, adding the U.S. ran a trade deficit during the same months in 2020.
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