The value of U.S. agricultural exports to Asia is expected to decline in 2019, driven by lower exports to China
The latest quarterly USDA Outlook for Agricultural Trade provided its first agricultural export forecasts for fiscal 2019 (October 2018 – September 2019). Globally, U.S. agricultural exports are forecast to total $144.5 billion, a $500 million increase over the fiscal 2018 forecast. At the regional level, however, exports to Asian countries are forecast to decline by $3.2 billion—the result of an expected decrease of $7 billion in agricultural exports to China from the 2018 forecast of $19 billion. Chinese demand for U.S. soybeans is expected to be sharply lower because of China’s retaliatory tariffs, which also curb demand for other products, including sorghum, pork and products, and dairy products. The remaining Asian countries are all expected to increase their imports from the United States in fiscal 2019 by a collective total of $3.8 billion. The largest gains are anticipated in Southeast Asia as well as Hong Kong and South Korea. This chart is drawn from data discussed in the ERS Outlook for U.S. Agricultural Trade report, released in August 2018.
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