USDA Forecasting Slight Decline in Dairy Export Values in 2019
The United States Department of Agriculture’s Economic Research Service (ERS) is forecasting about a 5% decline in the value of dairy exports next year, both from 2018 and what was forecasted in August.
ERS is now forecasting U.S. dairy exports will total $5.3 billion next year, down from the $5.6 billion forecast in August. In 2018, ERS is showing the year will end at about $5.588 billion in export sales.
As for imports, ERS is forecasting dairy imports next year will come in close to this year’s imports of $3.391 billion. ERS is now forecasting imports of $3.4 billion next year.
Note, ERS does not break down its forecast by specific dairy product categories. Also note that the forecasts are on dollar value, not volume of exports. With dairy prices weakening on global markets, the ERS forecast suggests volumes might not decrease much.
For more on ERS trade projections, click here.