Nov 2020 Trade Report

Late last month, the USDA released the export/import numbers for the agriculture industry for November 2020, the last month there are official totals.

Here is Bart Kenner, USDA economist, gives the U.S. agricultural export and import numbers for November.

"Agricultural Export's for the month of November 2020, were $15.5 Billion compared to $12.7 Billion for November 2019. For an increase of 23%, agricultural imports were11.4 compared to $10.3 billion from November 2019, for an increase of 10.3%. "

The total agriculture exports for 2020 end up around $138 billion, while imports add up to $133 billion.

As the USDA November Outlook for US Agriculture Trade Reports,

"Overall, global real GDP growth is expected to fall by about 4.4 percent in 2020. This is

slightly less severe than was previously feared back in June. Global trade volume, which declined

9.2 percent in FY 2020, is expected to increase by 7.2 percent in FY 2021."

As for the 2021 Fiscal year forecast, Exports and imports will rise slightly, while China is expected to be the largest U.S. market. This will be the first time China will be the largest market since 2017. As reported by the USDA,

"The U.S. economy contracts by 4.3 percent in 2020, due to the pandemic. With optimism for a recovery of 3.1 percent growth in 2021."