U.S. Agricultural Trade

<p>U.S. agricultural exports for FY2006 are forecast by the U.S. Department of Agriculture at $68 billion. Agricultural imports are expected to reach $64.5 billion. The agricultural trade surplus projected to be $3.5 billion is at its lowest level in 19 years. Exports of bulk commodities (e.g. soybeans wheat and feed grains) remain significant but exports of high-value products (HVPs) such as meats fruits and vegetables are increasing. HVPs accounted for 62% of total U.S. agricultural exports in FY2005. Leading markets for U.S. agricultural exports are Canada Mexico Japan China the European Union Taiwan and Korea. The United States dominates world markets for corn wheat and cotton. Brazil has overtaken the United States as the world's leading supplier of soybeans. Brazil is the world's leading supplier of beef to world markets while the U.S. share has declined since the U.S. discovery of a cow infected with mad cow disease in 2003. The United States European Union Australia and New Zealand are dominant suppliers of dairy products in global agricultural trade. Most U.S. agricultural imports are high-value products. For some imports (grains meats horticultural products) similar products are produced in the United States; production of other categories of imports (bananas coffee cocoa) is very limited. The biggest import suppliers are the European Union Canada and Mexico which together provide 58% of total U.S. agricultural imports. Australia Brazil New Zealand Indonesia and Colombia are also major suppliers of agricultural imports to the United States. Among the fastest-growing markets for U.S. agricultural exports are Canada and Mexico both partners with the United States in the North American Free Trade Agreement (NAFTA). U.S. agricultural exports to China recently a member of the World Trade Organization have grown at an annual rate of 16% since 1992. Both the EU and the United States subsidize their agricultural sectors but overall the EU out-subsidizes the United States. Recent reforms of the EU's Common Agricultural policy shift substantial spending into direct income support decoupled from production and into rural development. Canada supports some sectors (e.g. dairy and poultry) more than others. Australia provides less support to its agriculture. Single desk sellers with monopoly powers operate wheat markets and markets for some other commodities in Canada and Australia. Export subsidies are more important in the EU than in the United States; border measures (tariffs) are more important in Canada than in either the United States or the EU. Australia operates a mix of trade measures. The United States is the dominant supplier of foreign food aid followed by the EU Canada and Australia. U.S. and other major food aid donors provide commodities mainly for development assistance or emergency relief.</p><p>This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact and remains as true to the original work as possible. Therefore you will see the original copyright references library stamps (as most of these works have been housed in our most important libraries around the world) and other notations in the work.</p><p>This work is in the public domain in the United States of America and possibly other nations. Within the United States you may freely copy and distribute this work as no entity (individual or corporate) has a copyright on the body of the work.</p><p>As a reproduction of a historical artifact this work may contain missing or blurred pages poor pictures errant marks etc. Scholars believe and we concur that this work is important enough to be preserved reproduced and made generally available to the public. We appreciate your support of the preservation process and thank you for being an important part of keeping this knowledge a