Agriculture Reference
In-Depth Information
Table 5.2
USDA agricultural trade values
2007
2008
2009
2010
2011
1
(Billion Dollars)
Agricultural Exports:
Livestock, poultry, and dairy
16.36
21.77
18.63
21.54
23.0
Grains, feeds, and products
24.30
38.33
26.28
27.29
35.4
Oilseeds and products
13.67
22.81
20.87
25.37
28.3
Horticultural products
18.02
20.79
20.63
22.61
24.3
Tobacco, unmanufactured
1.14
1.28
1.20
1.22
1.2
Cotton and linters
4.29
4.75
3.51
4.76
8.0
Other exports
4.44
5.18
5.18
5.87
6.3
Total agricultural exports:
82.22
114.91
96.30
108.66
126.5
Bulk commodities exports
31.57
50.65
36.80
41.02
NA
High-value product exports
50.65
64.26
59.50
67.64
NA
High-value product share
61.6%
55.9%
61.8%
62.2%
NA
Agricultural Imports:
Livestock, poultry, and dairy
12.03
12.18
10.68
10.84
11.5
Grains, feeds, and products
5.99
7.88
7.37
7.48
8.2
Oilseeds and products
4.03
6.59
5.35
5.27
5.6
Horticultural products
32.39
34.71
33.02
35.55
38.5
Sugar and tropical products
14.14
16.36
15.34
18.32
20.3
Other imports
1.48
1.6
1.64
1.49
1.4
Total agricultural imports:
70.06
79.32
73.40
78.95
85.5
Net agricultural trade balances
12.16
35.59
22.9
29.71
41.0
Note:
1
forecast for fi scal 2011.
In 1970, wheat, corn, and soybeans comprised 68 percent of the total value of all U.S.
agricultural exports. Forty years later in 2010, the composition of U.S. agricultural exports
had changed dramatically and just 31 percent of total export value consisted of these bulk
commodities (
www.ers.usda.gov/Data/FATUS
)
. The rapid growth in HVP exports began
after 1985 with the devaluation of the U.S. dollar relative to other currencies. Since that
time, incomes have continued to increase in countries such as South Korea, Taiwan, Mexico,
and China, and this has helped to spur demand for HVPs. Most of these countries are
experiencing changes in lifestyle—convenience and western-style foods are increasingly
being sought out and preferred by consumers. Import tariffs and other barriers have also
declined during this time period providing another reason for the rapid increase in HVP
exports (see World Trade Organization discussion below). Also, the U.S. government, rec-
ognizing the value of advertising, began to fund promotions of agricultural products abroad.
This, along with the success of other U.S. fi rms abroad, has increased the interest of U.S.
fi rms in exporting agricultural products abroad.
As a result of these factors, exports of HVPs and bulk commodities have continued to
increase—with HVPs increasing an average of 11 percent per year during the decade of
the 2000s, and bulk commodities increasing an average of 14 percent per year during the
same period.
