|
|
|
|
|
|
Fact File
Year in Review: Export Highlights for Fiscal 1997
$57 Billion on the Books, the Export Year Ends
Agricultural exports harvested another strong performance in fiscal 1997 (Oct. 1, 1996-Sept. 30, 1997), even though they didn't match the previous year's all-time high. When final figures were tallied, the value of U.S. farm and food products shipped to foreign markets totaled $57.3 billion, off 4 percent from 1996.
This ranks as the second highest level on record, while also marking the third consecutive year in which exports have topped $50 billion. Value reached $54.6 billion in fiscal 1995 and $59.8 billion in 1996. Before 1995, exports had never exceeded $44 billion.
During the 1990s so far, annual agricultural exports have increased by nearly $17 billion or 42 percent. In an average week, U.S. producers, processors and exporters are now shipping $1.1 billion worth of food and farm products to foreign markets, up from $775 million per week at the beginning of the decade.
Although 1997 did not equal 1996's overall record, sales this past year were up in two of the three major product categories. New export records were set for intermediate products (such as soybean meal) and consumer-oriented products (such as snack foods and fresh fruit).
However, these gains were more than offset by the downturn in bulk commodity trade. Bulk exports dropped 16 percent in value, mainly reflecting reduced export tonnages and lower prices for grains (especially wheat) as compared with 1996. In 1996, bulk products had led U.S. trade growth, as tight world supplies and sharply higher prices boosted the value of grain and soybean exports.
As usual, agriculture made a healthy contribution to the U.S. merchandise trade balance in fiscal 1997. The agricultural trade surplus (exports minus imports) ended the year at $21.5 billion. With this latest figure, agriculture has now registered trade surpluses in each of the last 37 years. In 1996, the surplus reached a record-breaking $27.2 billion, but lower sales and continuing growth in imports this past year narrowed the trade advantage.
Like agricultural products, U.S. wood products had a good year in fiscal 1997. Exports reached a record $7.5 billion--up 5 percent from the previous year. Edible fish and seafood products did not fare as well. Export value slipped 6 percent to $2.7 billion, the lowest level in seven years. Salmon prices on world markets have been weak for the last several years, and U.S. salmon faces increased competition in our major market, Japan. Exports of crabs and crabmeat have dropped because of a shortage of exportable U.S. supplies and depressed demand in the sluggish Japanese economy.
Combined U.S. exports of agricultural, wood and fish products in 1997 were $67.4 billion. This was down 3 percent from 1996's record-breaking $69.8 billion, but well above earlier levels. In fiscal 1990, agricultural, wood and fish exports totaled only $49.4 billion.
Following are some export highlights of the fiscal 1997 trade year. Additional trade data and analysis can be found on the FAS Home Page on the World Wide Web ( http://www.fas.usda.gov ).
Bulk Agricultural Exports Off 16
Percent
After an unprecedented surge from $18.0 billion to $28.8 billion over the previous two years, exports of bulk commodities settled back to $24.1 billion in fiscal 1997. Increased foreign production of grains brought stiffer competition and lower average prices compared with the previous year's very tight market. U.S. coarse grain exports were off 26 percent to $6.9 billion, and wheat value fell 40 percent to $4.1 billion. Cotton also slid. The star performers among bulk commodities were soybeans and tobacco, which both set new records. Boosted by higher prices and larger volumes, soybean value rose for the third straight year, climbing 10 percent to just shy of $7.0 billion. As a result, soybeans claimed the No. 1 ranking by value among U.S. commodity exports.
Intermediate Agricultural
Products Reach New High
U.S. exports of value-added, intermediate agricultural products increased 12 percent to a record $12.3 billion in fiscal 1997. Of the 11 major product groups, gainers outnumbered losers by eight to three. Soymeal exports climbed 34 percent to a new high, and soybean oil exports were up 90 percent after the sharp drop in 1996. Animal fats registered the only significant decline--down 19 percent-- as exports weakened for the second consecutive year.
Consumer Food Exports Up Again
U.S. exports of processed foods, beverages and other consumer-oriented agricultural products continue to grow. Fiscal 1997's $20.8 billion in exports represented a 112-percent increase since 1990 and the 11th consecutive record. However, the 4-percent gain over 1996 was the smallest annual increase in 10 years, reflecting reduced shipments and lower prices for beef, as well as slower sales growth for many other products. While several records were set, most of the gains were 10 percent or less. Analysts say a stronger U.S. dollar and reduced funding for market promotion may be two factors curbing further U.S. inroads into the global consumer foods market. In 1997, consumer foods accounted for 36 percent of total U.S. agricultural exports, up from 24 percent in 1990.
Six Major Markets Slacken, But Others Set Records
Six of 1997's top 10 markets for U.S. agricultural exports showed a value decline, but the other four rose to new highs. Records were set to both U.S. neighbors, Canada and Mexico. Together, these two NAFTA markets accounted for $11.7 billion in U.S. exports this past year, 20 percent of our total agricultural exports worldwide and greater than our sales to Japan. A record was also set to Hong Kong, and to Russia where U.S. poultry meat and red meat exports both posted new highs. The value declines to three key Asian markets--Japan, Taiwan, South Korea--ranged from 10 to 12 percent.
Wood Products Log $7.5-Billion Year
U.S. exports of solid wood products climbed to a record-breaking $7.5 billion in fiscal 1997, up 5 percent from the previous year. Exports of logs and chips were down, but all value-added product categories registered gains. Hardwood lumber exports were up 20 percent to a record $1.4 billion, and panel products topped $1.1 billion for the first time. Reduced wood product exports to Japan, the No. 1 U.S. market, were more than offset by sharply higher sales to Canada, Europe and Mexico, among others.
Seafood Sales Get Scaled Back
In 1997, U.S. exports of edible fish and seafood products slipped for the second straight year, declining 6 percent to less than $2.7 billion -- the lowest since 1990. Although value was down in most categories, surimi swam against the tide as sales increased 35 percent to $323 million. Total fish and seafood exports fell 11 percent to Japan and 12 percent to Canada, the two leading U.S. markets. However, U.S. sales increased to the European Union and set a new record to China, topping $100 million for the first time.
|
|