Ag Trade Ends 2005 with $3.5 Billion Surplus
Trade surplus shrinks by nearly 50% compared to 2004.
Compiled by staff
Published: Feb 14, 2006
U.S. agricultural exports fell by about 9% from November to December, while imports rose by about 3%, according to USDA's Economic Research Service's latest trade update.
Calendar year 2005 exports, at $63 billion, are $1.6 billion higher than 2004. Imports are $5.3 billion higher at $59.3 billion. While still maintaining a trade surplus, that surplus has shrunk from $7.4 billion in 2004 to $3.7 billion for 2005.
Gains in 2005 export values of fruits, nuts, red meat, and poultry meat more than offset declines in wheat, corn, cotton, and soybeans. Lower prices for soybeans and cotton dropped values as the volume of soybeans rose about 2% and cotton shipments rose nearly 18% in 2005. China continued to be the largest market for cotton and soybeans in December.
On the import side, most of the 2005 increase comes from beverages (coffee, malt beverages, juices, and wine), fruits, nuts, and dairy products.
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Tagged: soybeans, cotton, usda, wheat
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