Tuesday, the U.S. Department of Agriculture (USDA) released their updated agriculture exports projections for fiscal year 2023. The new projection is $193.5 billion, with imports at $197 billion. USDA Chief Economist Seth Meyer says that forecast is $2.5 billion below the revised 2022 forecast.
For the rest of 2022, the export estimate of $196.0 billion represents an increase of $5.0 billion from May’s projection. That is mainly due to increases in livestock, poultry, and dairy exports.
USDA notes the global economic outlook for both this and next year is growing more uncertain due to the continued materialization of downside risks. Previous growth projections are moderated due to ongoing trade disruptions, above-target inflation rates, and rising energy prices.
The outlook follows the federal fiscal year, which begins on October 1st.