Agricultural trade balance expected to decline in 2012

Fiscal 2012 agricultural exports are forecast at $131 billion, down $1 billion from the November forecast and $6.4 billion below fiscal 2011. The fiscal 2012 import projection is $106.5 billion. This represents a 13-percent increase from 2011. Given that the forecast for exports is down while imports are rising, the trade balance for 2012 is a surplus of $24.5 billion, down from the $43 billion for 2011. This chart is based on Table 1 in Outlook for U.S. Agricultural Trade, AES-73, February 23, 2012.