By Marianne Stein
The U.S. has traditionally been an agricultural powerhouse with a healthy trade surplus. But global dynamics are changing due to a confluence of political and economic factors. U.S. agricultural imports now exceed exports, and the trade deficit is projected to worsen in the coming years.
In a new study, researchers from the University of Illinois Urbana-Champaign and Texas Tech University discuss recent developments affecting the U.S. trade in row crops such as corn, soybeans, wheat, and cotton. The study is published in the journal Applied Economic Perspectives and Policy.
"For most of recent history, the U.S. was a net agricultural exporter. But in the last couple of years, that has reversed, and what used to be a persistent surplus has turned into a persistent and growing deficit, where we're importing much more than we export.