U.S. agricultural exports in fiscal year 2020 are projected at $136.5 billion, down $3 billion from the February forecast, according to USDA's latest Outlook for Agricultural Trade.

The COVID-19 pandemic is damaging the ability of firms and individuals to produce goods and services while simultaneously changing the consumption behavior of consumers and businesses across the globe. As a result of the pandemic, real per capita world gross domestic product is forecast to decline by 5.5% in fiscal year relative to the prior year.

The U.S. consumer is a driving factor in the economy and the effects of negative income shocks and the resulting shifts in spending patterns will have ripple effects through the economy. Real per capita GDP growth for the United States for FY 2020 is adjusted down from the February forecast of 1.1% to minus 7.1 percent. This amounts to a reduction in economic activity of $1.8 trillion during FY2020.

Ag focus

The forecast for agriculture includes:

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