U.S. Ag Trade: Imports in FY 2023 at $197 Billion

The U.S. Department of Agriculture Economic Research Service and Foreign Agricultural Service Situation and Outlook Report notes that agricultural (Ag) imports in fiscal year (FY) 2023 are projected to increase $5.0 billion above the FY 2022 forecast to $197 billion. This is mostly due to higher imports of horticultural products, sugar, tropical products, along with grains and feed products.

Mexico exports various fruits and vegetables to the U.S.

Total imports in FY ’22 are expected to be $11.5 billion more than the May forecast and $28.7 billion more than FY ’21.

If realized, the 18% increase in import values in FY ’22 would be the largest year-over-year percentage increase since FY ’11.

Ag exports are projected at $193.5 billion for FY ’23. It would mark a decrease of $2.5 billion from the revised forecast for FY ’22.

Horticulture exports are increased by $400 million to $39.5 billion. Higher exports of fresh and processed fruits and vegetables offset a decline in tree nut exports.

Ag exports to China are forecast at $36 billion, which is unchanged from FY ’22. Exports to Canada and Mexico are forecast at $28.5 billion each, also unchanged from FY ’22.