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agricultural trade deficitAmerican Farm Bureau Federation - The Voice of Agriculture | Homepage
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87% Informative
For fiscal year 2024 ( October 2023 September 2024 ), USDA’s Economic Research Service estimates that there will be a record $32 billion agricultural trade deficit.
Agricultural trade is essential to our nation's food security, and benefits both farmers and consumers alike.
The American Farm Bureau Federation Economics team is here to help explain how we got here.
Falling commodity prices and the strong U.S. dollar have contributed to the decline of the value of American agricultural exports since 2021 .
The strong dollar is making US . products less competitive on currency exchange alone.
Mexico is forecasted to be the first year that Mexico will be the top destination for American agriculture exports.
The growing trade deficit in animal fats and vegetable oils spurred by rapid market- and policy-driven growth demand for renewable diesel production.
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