U.S. agricultural trade balance deficit deepens

September 2023 U.S. agricultural export numbers were mixed to mostly lower as the ag trade deficit continues to deepen. Here’s Progressive Dairy’s 30,000-foot look at dairy-related categories. Dairy export trends continue Despite record shipments of whey protein concentrate and a rebound in U.S. cheese exports, year-over-year U.S. dairy exports (milk solids equivalent or MSE) fell 12% in September. It was the eighth consecutive decline, dating back to February. September export value fell 25% to $603 million, the lowest monthly total since January 2022, according to a monthly market update from the U.S. Dairy Export Council (USDEC). Trends that have been keeping overall U.S. dairy exports in check for most of the year remain largely unchanged. U.S. suppliers continue to face strong demand headwinds from tepid global economic growth, elevated inflation and, in the case of low-protein whey, China’s struggling pork sector. With September’s numbers, the Department of Commerce/Bureau ...