U.S. farm exports jump 14% to new record, but imports of farm goods rise 19%, eating up most of trade surplus

The U.S. exported a record value of farm products in the fiscal year that ended Sept. 30, but imports of agricultural products also surged, "leaving a scant trade surplus of $2.4 billion, compared to the surplus of $8.4 billion the previous year," reports Bryan Doherty of Successful Farming.

Farm exports were valued at $196.4 billion, 14% higher than the previous record of $172.7 billion, set in the previous fiscal year, the Commerce Department said. China remained the top buyer, at $36.4 billion; Canada was second at $24.3 billion and Mexico third at $23.9 billion.

Among farm goods, soybean exports rose 26%, to $33.3 billion. Wheat was up 15%, to $8.3 billion, and corn rose 12%, Doherty reports: "Cotton had the largest increase in percentage terms, 41%, to $9 billion. Dairy, red meats and ethanol also notched large increases. But rice sales fell 10% and tobacco 27%."

Imports rose 19%, to $194 billion. "Ag imports are dominated by shipments of fruits, vegetables, nuts, wine, beer, distilled spirits, sweeteners and tropical products such as coffee and cocoa," Doherty notes.