The value of U.S. agricultural exports for October rose $1 billion above last month, and imports are up about $300 million, according to USDA's latest U.S. Agricultural Trade Update compiled by the Economic Research Service.
"For the first 10 months of calendar year 2004, the value of agricultural exports is nearly $50 billion, more than $2 billion higher than the same period last year," reports author Nora Brooks. "This leaves a trade surplus of $1.36 billion for the month and $5.3 billion for the first 10 months of 2004."
Brooks adds that large gains in the value of live animals and soybean exports account for most of the increase in monthly export value. The volumes of soybean and cotton exports were substantially higher in October than in September. Soybean export volumes are generally higher in October as U.S. soybeans replace exports from South America. The value of imports of live animals, oilseeds, wine, and rubber each rose 36% over last month.