Total fiscal 1997 U.S. agricultural exports reached $57.4 billion, only 4 percent below 1996. Fiscal 1997 imports equalled $35.8 billion, up 10 percent from 1996. The 1997 agricultural export surplus, at $21.6 billion, is 21 percent less than in 1996. September 1997 exports of $4.5 billion slightly exceeded both August 1997 and September 1996, while September 1997 imports also rose slightly from August 1997 and, at $2.9 billion, remained well above September 1996.

The total value of fiscal 1997 bulk exports (wheat, rice, feed grains, soybeans, tobacco, and cotton) was $23.3 billion, 17 percent below a year ago. The value of bulk exports remained below that of high-value product exports, which continued to increase. Bulk export quantity also declined by 11 percent.

Higher production and greater foreign competition contributed to reduced exports of grains in 1997. U.S. wheat exports equalled 24.5 million tons and $4.1 billion, a 27-percent drop in quantity and down 40 percent in value from the high levels of 1996. U.S. corn exports also declined sharply from 1996, and at 46.6 million tons and $6.1 billion, dropped 11 percent and 27 percent, respectively. U.S. exports of rice fell 9 percent in quantity and 4 percent in value to 2.6 million tons and $959 million.

Cotton prices also slipped in fiscal 1997, but demand remained fairly strong as China increased purchases. Fiscal 1997 U.S. cotton exports fell 4 percent to 1.57 million tons from 1.64 million in 1996. But the decline in value of cotton exports was greater, 9 percent, to $2.7 billion.

In contrast, 1997 U.S. exports of soybeans rose to $7 billion and 24 million tons from $6.3 billion and 22.4 million tons in 1996. Tight supplies in competing South American exporters early in the season provided opportunities for larger U. S. exports.

High-Value Product (HVP) exports in fiscal 1997 rose 7 percent to $34.1 billion. The largest HVP exports this year included feeds, poultry meat, beef and veal, fresh fruits, preserved vegetables, and oil meals. Except for beef and veal, each of these HVP product exports rose in 1997. Beef and veal exports declined 8 percent to $2.4 billion. But, mainly on the strength of a huge increase in soybean meal exports (up 37 percent to $1.7 billion), exports of oil meals jumped 32 percent to $1.8 billion. Other prepared and preserved vegetable exports gained 10 percent to $1.9 billion. Poultry meats and fresh fruits each increased 5 percent to $2.5 billion and $2.1 billion, respectively. Feed and fodder exports rose to $2.7 billion, up 2 percent.

Fiscal 1997 imports were up 10 percent to $35.8 billion and are again a record. Coffee was by far the largest single import product, reaching $3.7 billion for the fiscal year, a 29-percent increase from 1996. Other large import commodities are listed in the table on page 7. Except for imports of rubber, which declined 8 percent this year, all the other major imports rose. Imports of wine and beef and veal made especially large gains of 19 and 17 percent, respectively. Malt beverage imports and imports of fresh or frozen fruits each rose 10 percent.

The same 10 countries, accounting for $42.7 billion or 74 percent of 1997 U.S. agricultural exports, have been the top U.S. agricultural export markets for the last 3 fiscal years. The 10-percent gain in the leading market, Canada, was the largest growth among these 10 countries in 1997. But export losses offset gains in 1997 primarily because exports fell in 6 of the top 10 markets, accounting for 49 percent of all U.S. agricultural exports. The six markets were Japan, the European Union, S. Korea, Taiwan, China, and Egypt. U.S. agricultural imports in the last 3 fiscal years are also largely drawn from the same sources; Chile is new to the top 10 import sources in fiscal 1997, but was previously in the top 15. The top 10 accounted for $26.1 billion or 73 percent of U.S. agricultural imports in 1997, with the largest percentage gains in Brazil (21%), Colombia (17%), New Zealand (15%), and Canada (12%).

November 24, 1997 Economic Research Service

USDA, Washington, D.C.

Consensus National Futures and Financial On Line Index

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