Decreases in corn, wheat, beef, and poultry exports led the USDA to reduce its latest 2023 U.S. agricultural exports forecast to $181.0 billion, down $3.5 billion from its February forecast. Imports are projected at $198.0 billion in 2023, down $1.0 billion from February, a decrease primarily driven by horticultural, livestock, dairy, and poultry product imports, USDA said. This year’s trade deficit is the first since 2020.
“We’re looking at a trade gap of about $17 billion in terms of imports over exports,” said USDA Chief Economist Seth Meyer, adding that a large portion of…
