The U.S. agriculture trade surplus is shrinking. Fiscal Year 2019 U.S. agriculture exports are projected at $137 billion, $6 billion less than last year. Meanwhile, the agriculture import projection is a billion dollars higher than the February forecast at $129 billion. “That’s up a billion from our February forecast,” said Rob Johansson, chief economist at the USDA, in comments provided by the agency, “and up a little over a billion dollars from last year’s level at $127.6 billion.” The positive agriculture trade balance of about $8 billion is approximately half what it was last year.
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