Total value of U.S. agricultural trade slowed from May to June. The value of agricultural exports fell about $200 million from May to June--roughly 4%--while the value of agricultural imports fell by about 2%, according to the Economic Research Service's latest Agricultural Trade Update released Monday.
This leaves an agricultural trade deficit of $94 million for the month of June. This is the second deficit this year, following the $35 million deficit in April. So far this fiscal year, U.S. agricultural exports are down 2% from the same period in 2004, imports are up 9%, and the trade balance remains just under half the fiscal 2004 level.
Exports of poultry and products, live animals, and dairy products all increased fiscal year-to-date, although monthly exports are down. Corn and cotton have suffered the largest declines so far. Coffee, fruit, nut, and vegetable imports continue to grow. Slower fruit, nut and vegetable imports from May to June reflect increased domestic availability.