According to the U.S. Department of Agriculture’s Economic Research Service Aug. 29 outlook horticultural product exports are forecast to increase $1 billion, led by tree nuts and fresh fruit and vegetables.
Overall however, fiscal 2018 agricultural exports are projected at $139 billion, down $800 million from the revised fiscal 2017 forecast of $139.8 billion.
Agricultural exports to China are forecast $300 million higher than fiscal 2017 to $22.6 billion. Exports to Canada and Mexico are forecast at $21.2 billion and $18.8 billion, respectively, both up from 2017.
U.S. agricultural imports are forecast at $115.5 billion, $700 million lower than fiscal 2017. The U.S. agricultural trade surplus is expected to decline moderately by $100 million in fiscal 2018 to $23.5 billion.
For fiscal 2017, the forecast of $139.8 billion represents an increase of $2.8 billion from last quarter’s forecast. Imports are forecast up $1.7 billion to $116.2 billion.
Source: hpj.com
