The value of U.S. agricultural exports rose slightly from June to July, with bulk products rising while high-value products declined, according to USDA's latest trade update report.
Fiscal-year-to-date exports are $58 billion - about $5 billion higher than the same period in fiscal 2005. Year-to-date export values of cotton, corn, nuts, and red meat are all substantially higher than last year. Soybean shipments are well behind the pace for fiscal 2005, while cotton and corn volumes are well ahead of last year’s pace. Corn shipments to South Korea have jumped from 1.5 million metric tons in the first 10 months of fiscal 2005, to 4.5 million metric tons so far in fiscal 2006. At the same time, soybean shipments to the EU-25 have fallen from 4.5 million metric tons in fiscal 2005, to only 1.7 million metric tons in fiscal 2006.
The value of U.S. agricultural imports fell by 2% from June to July. Imports are $53.6 billion so far in fiscal 2006, up $5.4 billion from this time during fiscal 2005. Although slowing from June to July, the import values of sugar, rubber, and vegetable oils are considerably higher than in the first 10 months of fiscal 2005.
Seasonal increases in domestic supplies of fresh fruits and vegetables reduced the need for imports. Mexico and Canada supply three-quarters of the value of fresh and frozen vegetable imports. Chile and Mexico supply half of the import value of fresh and frozen fruit.