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Fiscal 1996 Export Highlights
Agricultural Exports Set Another Record at Nearly $60 Billion
Exporters of U.S. farm and food products posted another sales record in fiscal 1996 (Oct. 1, 1995-Sept. 30, 1996). Exports climbed to $59.8 billion, a gain of more than $5 billion from the previous fiscal year.
This marked the second straight year of robust trade growth. In fiscal 1995, U.S. agricultural exports surged to $54.6 billion, up 25 percent from 1994. It was the first time that exports had ever topped $50 billion, or even $45 billion.
With the strong, back-to-back gains of the last two years, U.S. agricultural exports in 1996 were up by some $19 billion or close to 50 percent since 1990. In an average week this past year, U.S. producers, processors and exporters shipped more than $1.1-billion worth of food and farm products to foreign markets, compared with around $775 million per week at the start of this decade.
Fiscal 1996 sales were up in two of the three major categories of agricultural exports — bulk commodities (such as grains) and consumer-oriented products (such as meats and fruits and vegetables). In the intermediate products category (mainly semi-processed commodities), exports were off 4 percent from 1995's record level.
The overall export gains outpaced the more moderate growth in imports, raising the U.S. agricultural trade surplus to a new record high of $27.5 billion this past year, up from $25.0 billion in fiscal 1995. In the most recent comparisons among 11 major industries, agriculture ranked No. 1 as the leading positive contributor to the U.S. merchandise trade balance.
U.S. wood and fishery products didn’t fare quite as well as agricultural products in world markets last year. Wood product exports were valued at $7.1 billion, off 4 percent from 1995's record. Sales of edible fish and seafood, at $2.9 billion, were down about 10 percent.
However, due to the strength of agricultural sales, combined U.S. exports of agricultural, wood and fish products in fiscal 1996 were up 7 percent to a record-breaking $69.7 billion.
Early forecasts of agricultural exports for the current year suggest a more subdued sales pace. In December, USDA analysts projected fiscal 1997 exports at $55.5 billion, down around 7 percent from 1996 though still the second highest value on record. The anticipated reduction mainly reflects increased foreign production of grains, increased competition and lower average prices for wheat, coarse grains and soybeans. High-value exports are forecast to hit another record this year.
Following are some export highlights of the fiscal 1996 trade year. Additional data on U.S. agricultural exports by product and destination can be found by accessing the FAS Home Page on the Internet at http://www.fas.usda.gov (from the Home Page, select Trade Data and Analysis and then BICO Import/Export Reports).
Bulk Agricultural Exports Rise 18 Percent in 1996 In each of the last two years, bulk commodities have led the growth in U.S. agricultural exports, reversing the long downward trend in this category. Fiscal 1996 bulk exports rose to $28.8 billion, up 18 percent from 1995 and up 60 percent since 1994. Tight world supplies and sharply higher prices substantially boosted the value of U.S. grain and soybean exports, despite a decline in overall export volume last year. Coarse grain exports reached $9.3 billion, up 26 percent from 1995; wheat exports were up 39 percent to $6.9 billion; and soybean sales increased by more than $1 billion to $6.3 billion. These gains offset lower export levels for cotton and other bulk products. |
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Exports of Intermediate Agricultural Products Down Slightly U.S. exports of high-value intermediate agricultural products dropped 4 percent from 1995's record high to just under $11.0 billion. Of the 11 product groupings, losers outnumbered gainers by six to five, with relatively sharp year-over-year declines for soybean oil, wheat flour and animal fats. Soymeal exports rose 21 percent, and U.S. feed and fodders set a record, topping $1.9 billion. Seed exports also set a record. |
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*Denotes new export value record in fiscal 1996.
Consumer Food Exports Top $20 Billion U.S. exports of foods, beverages and other consumer-oriented agricultural products continued to grow in fiscal 1996, reaching the $20-billion mark for the first time. With new records each year, consumer food exports have more than doubled in value since 1990. In 1996, some of the sharpest year-over-year gains were registered by poultry meat exports, up 26 percent to a record $2.4 billion; eggs and products, also up 26 percent to $209 million; and tree nuts, up 24 percent to around $1.4 billion. New export value records were also set in several other product groups, including red meats, fresh fruit, processed fruits and vegetables, juices, snack foods, pet foods, wine and beer and breakfast cereals. In fiscal 1996, consumer foods accounted for 33 percent of total U.S. agricultural exports, up from a 24-percent share in 1990. |
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*Denotes new export value record in fiscal 1996.
Agricultural Exports Set Records in Eight of Top Ten U.S. Markets Gains were recorded to nine of 1996's top ten markets for U.S. agricultural exports, with new record highs in eight of those markets. Sales to Japan, the leading U.S. customer, were up again, climbing 11 percent to $11.9 billion. Sales rose to both NAFTA partners — Canada and Mexico — with exports to Mexico jumping by more than a third to $5.0 billion, the highest ever. U.S. agricultural exports to China were down 25 percent from 1995's record, reflecting sharply reduced Chinese purchases of soybean oil, as well as reductions for coarse grains, cotton and wheat. However, sales to Russia increased 35 percent, bolstered by another big gain for poultry meats. The value of U.S. poultry meat shipments to Russia rose 67 percent in 1996 to a record-high $840 million. |
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Data include bulk,
intermediate and consumer-oriented U.S. agricultural exports.
*Denotes new export value record in
fiscal 1996.
Wood Product Exports Slip 4 Percent U.S. exports of solid wood products totaled just under $7.1 billion in fiscal 1996, off 4 percent from the previous year. Log exports were down 13 percent, and lumber exports were down 7 percent. The value of U.S. sales declined to both of the top two markets, Japan and Canada. |
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*Denotes new export value record in fiscal 1996.
Fish Exports Turn Downstream After 1995's upward turn, U.S. exports of edible fish and seafood products reversed direction again in fiscal 1996. Total sales value dropped 10 percent to slightly below $2.9 billion, the lowest since 1990, reflecting a sharp decline in exports to No. 1 market, Japan. U.S. exports to Japan fell 20 percent from close to $2.0 billion in 1995 to less than $1.6 billion in 1996. |
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