U.S. AGRICULTURAL TRADE UPDATE March 24, 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-0397. Subscriptions 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---January 1997 U.S. agricultural exports were $5 billion, 10 percent less than January 1996. Cumulative exports for fiscal 1997 were $21.4 billion, nearly the same as a year ago. Imports in January were $3 billion, 11 percent higher than January 1996. Year-to-date imports were $11.6 billion, a 14-percent increase over 1996. The cumulative agricultural trade surplus was $9.8 billion, down 12 percent from 1996. Exports-- Bulk exports were $2.3 billion in January, down 24 percent from 1996. Increased competition with U.S. grains was the primary reason. January wheat exports were down sharply from 2.6 million tons in 1996 to 1.7 million tons in 1997. The export unit value for wheat was $176 per ton, down 15 percent from the previous year. Year-to-date wheat shipments were down 3.7 million tons, a 33-percent drop. The value of wheat exports was down 39 percent. Shipments to Japan, the leading importer of wheat in January, were 395,000 tons. Corn exports in January were 4.6 million tons, down 15 percent from 1996, while the export unit value fell from $148 per ton to $128. The cumulative value of corn shipments in fiscal 1997 was down 6 percent at $2.7 billion. Japan imported 1.5 million tons in January, a 15-percent increase over December 1996. Soybean exports were 2.9 million tons in January, unchanged from a year ago. Year-to-date exports were 13 million tons, 33 percent above 1996. The cumulative value of soybean exports was $3.6 billion, a 38-percent increase, mainly from higher volume. The export unit value was $278 per ton, up 4 percent from 1996. Exports of soybeans to the European Union (EU-15) remained strong in January at 1.5 million tons. Cotton exports were 145,000 tons in January, far below last year's 275,000 tons. Year-to-date exports were 526,000 tons, 34 percent less than fiscal 1996. Tobacco exports were 20,000 tons in January, 18 percent higher than 1996. Year-to-date shipments were 9 percent ahead of a year ago. High-value product (HVP) exports in January were $2.7 billion, up 8 percent from 1996. The volume of beef exports was nearly the same as a year ago at 50,000 tons. Value was 14 percent lower, a result of lower export prices; export unit value for beef was $3,676 per ton, down 15 percent from 1996. Higher U.S. beef inventory and lower foreign demand put downward pressure on beef prices. Year-to-date beef exports were $725 million, down from $931 million in 1996 as sales to Japan fell 31 percent from a year ago. However, beef exports to Mexico increased from $29 million to $70 million. Poultry exports reached $183 million in January, a 7-percent increase over the previous year. Cumulative poultry exports advanced ahead of beef, reaching $908 million. October-January fresh fruit exports were nearly the same as a year ago at $632 million; citrus and noncitrus exports were unchanged. Fresh apple exports in January were up 9 percent, as the U.S. apple supply increased. Cumulative nut exports were $678 million, up 6 percent from the same period last year because of sharply higher almond prices. Imports--U.S. agricultural imports for January were $3 billion, 11 percent higher than the previous year. January coffee imports were 99,000 tons, down 12 percent from 1996, but the cumulative level remained nearly the same as a year ago. Wine imports for January were up 14 percent at $91 million, and beer imports were up 12 percent at $87 million. (Mark Gehlhar, 202-501-8525). Rising Imports in Fiscal 1997--U.S. imports in the first 4 months of fiscal 1997 were up 14 percent over 1996. Imports were up for most commodities except for tropical products which were down slightly from the previous year at $2.3 billion. The EU-15 and Canada accounted for much of the growth. Canada was the largest single-country supplier, with $2.4 billion, a 20-percent increase over 1996. Imports from the EU-15 were $3.5 billion, 8 percent higher than the previous year. Grains and products reached $1 billion, a 20-percent increase. Strong import growth also pushed beverages over $1 billion. Animals and animal products, imported largely from Canada, were up 11 percent from a year ago, reaching $2.1 billion. Next Update: April 22,1997 END_OF_FILE