U.S. AGRICULTURAL TRADE UPDATE April 22, 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-0497. 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--February 1997 U.S.agricultural exports were $4.9 billion, down 7 percentfrom the same month in 1996. Exports for October through February reached $26.3 billion, down 1 percent from the previous year. Imports were $2.8 billion in February, up 7 percent from a year ago. The $2.1 billion trade surplus was down 19 percent from February 1996. Exports--Bulk exports totaled $2.2 billion in February. Fiscal year-to-date bulk exports were $12.3 billion, down 8 percent from 1996. February wheat exports fell 38 percent from a year ago to 1.5 million tons. Cumulative wheat exports were 9.2 million tons, down 33 percent from 1996. The year-to-date value of wheat was $1.6 billion, a 41-percent decrease from a year ago. Cumulative 1997 wheat shipments to Egypt dropped from 2.5 million tons in 1996, to 561,000 tons in 1997. Japan, the leading wheat importer in 1997, took 1.3 million tons from October to February, up 10 percent from 1996. Corn exports were 3.9 million tons in February, a 6-percent decrease from a year ago. Cumulative corn exports were 23 million tons, also down 6 percent from 1996. Corn exports to East Asian markets were up slightly, but shipments to Mexico and the European Union (EU-15) fell. Through February, Japan imported 6.5 million tons, up 5 percent from a year ago. South Korea imported 3.7- million tons, a 6-percent increase. The cumulative value for corn shipments was $3.2 billion, down 9 percent from a year earlier. Soybean exports in February were 2.9 million tons, 27 percent higher than February 1996. October-February exports reached 15.8 million tons, a 33-percent increase over 1996. The $4.4 billion cumulative export value was up 36 percent from a year ago as higher volume and export prices boosted value. Soybean shipments to the EU-15 in February were 1.3 million tons, down 14 percent from January. Cotton exports were 159,000 tons in February, up 10 percent from January. October-February cotton exports were 684,000 tons, down from 1.1 million tons in 1996. Lower cotton shipments to Asian markets, particularly China, reduced U.S. exports in fiscal 1997. Exports to China were down a cumulative 122,000 tons from a year ago. High-value product (HVP) exports in February were $2.7 billion, unchanged from January 1997. October-February HVP exports reached $14 billion, up 5 percent from 1996. Poultry meat exports in February totaled $201 million, 4 percent less than a year ago. Cumulative poultry meat exports reached $1.1 billion, an 11-percent increase over 1996. February beef and veal shipments were $191 million, down 12 percent from 1996. October-February beef exports were $916 million, down from $1.1 billion a year earlier. Fiscal exports of fruits and preparations were $1.1 billion, unchanged from a year ago. Fresh apple shipments were 348,000 tons, up 16 percent from 1996. Nut exports were 270,000 tons, down 24 percent from 1996. However, the value of nut shipments was up 4 percent as export prices were higher. The export unit value for almonds increased 77 percent from a year ago. Year-to-date fresh vegetable exports were $389 million, a 7-percent increase over 1996. Cumulative soybean meal exports were 3 million tons, up from 2.1 million tons in 1996. The fiscal year-to-date value of soybean meal exports reached $877 million, up 71 percent from a year ago due to stronger prices. Exports of soybean oil were 484,000 tons, up from 298,000 tons in 1996. Imports--U.S. agricultural imports for February were $2.8 billion, up 7 percent from 1996. February coffee imports were 501,000 tons, up 2 percent from last year. The value of coffee imports rose 18 percent due to higher import prices in February. Cumulative cocoa imports were dropped 6 percent to 330,000. However, the value of cocoa imports was up 2 percent because of higher prices. Cumulative beverage imports were $1.2 billion, up 15 percent from a year ago. Wine imports were up 20 percent, reaching $670 million from October through February. Beer imports were up 8 percent, reaching $495 million. Commodity Exports to China Undergo Change in 1997 October-February exports to China were up 9.4 percent from 1996, reaching $1.1 billion. While exports of wheat, corn, and cotton were down, exports of poultry meat, hides and skins, soybeans, and soybean products were up sharply. Total oilseed exports reached $373 million so far in 1997, an increase from $70 million in 1996. Soybean meal shipments, typically not exported to China, reached $131 million. Soybean oil exports to China were $122 million, a 91-percent increase from a year ago. Poultry exports were up 37 percent from 1996. Total feed grains dropped from $186 million in 1996 to $7 million in 1997. The cumulative wheat export value to China was down 58 percent from a year ago. END_OF_FILE