Corn+Soybean Digest [1]

Ag Trade Deficit In 2002

The U.S. recorded an agricultural trade deficit in 2002 for only the second time in history and ran up another record-high total trade deficit last year, according to the U.S. Commerce Department. The general U.S. trade deficit reached $435.2 billion as exports declined for the second year in a row due to global economic weakness.

The yearly trade deficit was up 21.5% over 2001 and easily surpassed the previous record of $378.6 billion set in 2000.