Outlook for U.S. Agricultural Trade

U.S. Agricultural Exports in Fiscal Year 2025 Forecast at $170.0 Billion; Imports revised upwards to $215.5 Billion

The following interactive content provides highlights from the:

Outlook for U.S. Agricultural Trade: November 2024

U.S. agricultural exports in fiscal year (FY) 2025 are forecast at $170.0 billion, up $500 million from the August forecast. This projection is primarily driven by increases in livestock and dairy exports. Beef exports are projected $400 million higher to $8.8 billion as higher volumes offset lower unit values. Dairy exports are raised $300 million to $8.4 billion based on increased U.S. price competitiveness for a number of products. Overall livestock, poultry, and dairy exports are forecast to increase by $700 million to $39.3 billion. Grain and feed exports are forecast at $36.5 billion, up $200 million from the August forecast, as higher exports of corn and sorghum more than offset moderately lower wheat and feed and fodder exports. Horticultural exports are projected at $41.7 billion, up $200 million from August due to increases in fresh and processed fruit and vegetable exports. Oilseed and product exports are projected at $33.5 billion, down $500 million due to lower soybean and peanut volumes. Cotton exports are forecast down $200 million to $4.3 billion due to lower volumes. The forecast for ethanol exports is lowered by $100 million to $4.2 billion, as falling export unit values offset slightly higher volumes.

Exports to Mexico, the top U.S. agricultural market, are forecast $700 million higher from the August projection to $29.9 billion, driven by continued robust demand for a range of products. The export forecast for Canada is $300 million higher to a record-high $29.2 billion, supported by a strong economic outlook. Agricultural exports to China are forecast at $23.3 billion, down $700 million from the August projection.

U.S. agricultural imports in FY 2025 are forecast at $215.5 billion, up $3.5 billion from the August projection, led by increases in horticultural as well as sugar and tropical product imports.

The forecasts in this report are based on policies in effect at the time of the November 8, 2024, World Agricultural Supply and Demand Estimates (WASDE) release.