U.S. agricultural trade outlook: Mixed signals for 2025

The latest USDA Outlook for U.S. Agricultural Trade projects U.S. agricultural exports at $170.5 billion for fiscal year 2025, a $500 million increase from the November estimate, while imports are expected to rise to $219.5 billion. This reflects continued strong export performance in grain and feed, but challenges in oilseed markets due to South American competition. 

 Key highlights: 

• Exports: Gains in corn and feed offset reductions in soybeans and cotton. Livestock, poultry and dairy exports are forecast to increase by $400 million. 

• Top markets: Mexico remains the largest export destination, forecast at $30.2 billion, while exports to China are projected to drop by $1.3 billion due to declining demand for U.S. soybeans and grains. 

• Imports: Driven by higher values for horticultural, sugar and tropical products, U.S. agricultural imports are expected to grow by $4 billion. 

The full report is available here.