U.S. AGRICULTURAL TRADE UPDATE February 21, 1997 Approved by the World Agricultural Outlook Board ----------------------------------------------------------------------------- U.S. AGRICULTURAL TRADE UPDATE is published monthly by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788. FAU-0297. Subcriptions to the printed version of this update are available from the ERS-NASS order desk. Call, toll-free, 1-800-999-6779 and ask for stock #FAU, $20/year. ERS-NASS accepts MasterCard and Visa. ----------------------------------------------------------------------------- Summary--December 1996 U.S agricultural exports were $5.2 billion, totaling a calendar year record $60.4 billion for 1996. Imports were $2.9 billion in December, and totaled $33.6 billion in 1996. The December agricultural trade surplus was $2.3 billion, while for all of 1996 it was $26.8 billion, up 4 percent from 1995. Exports--Bulk exports were $2.5 billion in December, down 9 percent from 1995. December wheat exports were 1.3 million tons, 50 percent less than a year ago. For all of 1996, wheat exports were 31 million tons, down 4 percent from 1995. However, the value of wheat exports rose 15 percent to $6.2 billion due to higher export prices. Soybean exports were 3.3 million tons in December, 36 percent higher than a year earlier. In value terms, soybeans reached $912 million, a 38-percent increase over 1995. For the year, soybeans totaled 25.6 million tons, with a value of $7.3 billion, a 36-percent increase from 1995 . Exports to China were up sharply from 200,000 tons in 1995 to 1.5 million tons in 1996. Indonesia more than doubled its imports of U.S. soybeans, taking 734,000 tons in 1996. Corn exports were 4.8 million tons in December, up 2 percent from the previous year; but value was down 1 percent because of falling export prices. The unit value in December was $138 per ton, down from the average unit value for the year of $161 per ton. Corn exports in 1996 were 52.2 million tons, a 13- percent decrease from 1995. Strong export prices during 1996 boosted corn value to $8.4 billion, up 15 percent over 1995. Cotton exports in December were 196,000 tons, down 27 percent from 1995, but were up 57 percent from the previous month. This was due largely to China more than doubling its imports of cotton, taking 66,000 tons in December compared with 27,000 tons in November. For the year, cotton exports reached 1.5 million tons, a 27-percent decrease from 1995. High-value product (HVP) exports were $2.7 billion in December. Beef and veal exports were 46,000 tons, a 10-percent decline from December 1995. The December value was down 21 percent from a year ago at $171 million. For the year, beef exports were $2.4 billion, down 8 percent from 1995, the first decline since 1977. Pork exports finished strong with 22,000 tons in December, a 38-percent increase over 1995. The value of pork was up 44 percent in December at $69 million. The total for the year was a record $915 million, up 19 percent from 1995. Poultry meat reached a record $2.5 billion in 1996, a 25-percent increase. Fresh fruit exports reached $201 million in December, down 9 percent from the previous year. Exports of fresh fruits were $2 billion for 1996, unchanged from 1995. The value of nut exports was down 2 percent in December from last year. For 1996, nut exports were 15 percent higher than a year ago, reaching $1.6 billion. Fresh vegetable exports were down 8 percent in December from 1995, and down 7 percent for the year. Imports--U.S. agricultural imports for December were $2.9 billion, up 23 percent over the previous year. Imports in 1996 were 12 percent higher than 1995, reaching $33.6 billion. Coffee imports fell in 1996 to $2.8 billion, a drop of 15 percent. However, coffee volume was up 14 percent, reaching 1.1 million tons. Fruit juice imports rose 45 percent to $913 million. Beverage imports climbed 21 percent to a record $2.9 billion in 1996. (Mark Gehlhar, 202-501-8525). HVP Exports Slower in 1996--HVP exports grew only 5.4 percent in 1996 after growing 11 percent in the previous 2 years. East and Southeast Asia, the largest market for HVPs, grew less than 1 percent in 1996. Mexico was the fastest growing market in 1996 for HVPs, with a 33-percent increase. The Newly Independent States and Eastern Europe increased HVP imports by 25 percent. Bulk exports, on the other hand, grew 12 percent in 1996. Bulk shipments to East and Southeast Asia were up 7 percent. Mexico was the fastest growing market in bulk, with an increase of 81 percent in 1996. The Newly Independent States and Eastern Europe imported 76 percent more bulk products in 1996 than 1995. The next Update will be released March 24,1997. END_OF_FILE