By Clint Thompson
U.S. agricultural imports in FY 2024 are projected at $4.6 billion more than the FY 2023 and $500 million more than the forecast in August, according to the U.S. Department of Agriculture Economic Research Service and Foreign Agricultural Service Situation and Outlook Report. The ’24 forecast is at $200 billion, compared to $195.4 billion in ’23.
The strong U.S. dollar supports growing imports. Domestic demand for agricultural products is still resilient, though expectations of a slowing U.S. economy could cool off demand.
Horticultural products are the largest sector of agricultural imports. They comprise almost half of the total import value. Horticultural products are projected at $98.4 billion or 2% more than the FY ’23 value. FY ’24 imports of fresh fruits are revised to $18.5 billion. FY ’24 forecasts for fresh vegetable imports remains unchanged from August at $12.7 billion or 1% above ’23 values.
Import volumes of fresh fruits are adjusted up 100,000 metric tons, a 2% increase over the FY 2023 levels. Continued strong prices support a 3% year-to-year increase in fresh fruit import values.
Fresh vegetable import volumes are decreased by 100,000 metric tons. Early reports indicate stagnant import volumes relative to the previous season. Dry weather in Mexico, the source of more than 70% of fresh vegetable imports, is a key factor.