U.S. Agricultural Trade Surplus Up Again

July 26, 2001

U.S. exports of high-value produces now total $24 billion so far this year, $1.8 billion more than a year earlier, and are driving the U.S. farm trade surplus to the upside, according to USDA. U.S. agricultural trade now is $2.1 billion more than the first eight months of fiscal 2000, a gain due almost entirely to non-bulk products, mostly livestock, feeds and fodders, and horticulture.

The $487 million gain from horticultural exports almost doubles that of livestock products. However, hides and skins increased $354 million, the largest export year-to-date increase for any commodity group. Exports of feeds and fodders contributed to the trade surplus with increases of $253 million.

Bulk commodity exports are fractionally more than last year: soybean exports are $341 million ahead of 2000, but that is offset by corn exports which declined $246 million from year-earlier levels.

Each month this year exports have been greater than year-earlier, anmd imports have remained generally unchanged. The overall decline in U.S. agricultural import value year-to-date is attributed to low prices for coffee, cocoa and rubber and a reduced demand for vegetable oils.