Low commodity prices are dragging down export revenues, and in turn, economists say it is adding to an already inflated ag trade deficit.
“Agricultural exports for the fiscal year to date, October through June 2024 and $135.3 billion, which is down 4% from the previous year. Agricultural imports or $154.1 billion, up 4% from the previous year, or a trade balance of negative $18.8 billion, which is $11.6 billion lower than it was the previous year,” said Bart Kenner.
Bulk commodities make up a third of all ag exports, and those are down 17 percent from last year.
