The value of both U.S. agricultural imports and exports fell in the month of May as meat suppliers saw their production capacity tested by COVID-19, according to data from USDA's Economic Research Service and the U.S. Department of Commerce.
The U.S. exported about $10.3 billion worth of agricultural goods in May, while taking in about $11.4 billion worth of goods, amounting to a negative trade balance of more than $1 billion. That's an increase from the negative balance of $733 million in April, when the U.S. shipped out about $10.67 billion worth of ag goods while importing about $11.4 billion.
Overall, the U.S. has run a negative trade balance of nearly $1.8 billion for the first five months of 2020. American ag exports totaled about $55.65 billion through May, down from the $56.95 billion through the first five months of 2019.
Imports are up so far this year; the U.S. has imported about $57.43 billion worth of ag goods so far in 2020 compared to the $56.96 billion observed through the first five months of 2019.
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