Economics
U.S. Farm Trade Surplus to Shrink as Chinese Tariffs Bite
- China will no longer be the top destination for exports: USDA
- Shipments to China to tumble 37 percent as soy shipments stall
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Agriculture, one of the few areas of the U.S. economy that sells more abroad than it buys, will see its trade surplus shrink next year as shipments to China collapse amid a trade war between the two nations, according to a government forecast.
The world’s biggest agricultural exporter will see a surplus of $18 billion in the fiscal year beginning Oct. 1, down 7.7 percent from the current year, the U.S. Department of Agriculture said Wednesday in a quarterly forecast.