Farm Exports
U.S. exports of farm products
totaled $12.9 billion during the
fiscal year ending June 30, 1973,
boosting the Nation’s
agricultural trade surplus to a
record $5.6 billion, the U.S.
Department of Agriculture an
nounced today.
This favorable trade balance, a
gain of $3.6 billion over fiscal
1972, partly offset the U.S. trade
deficit of $9.1 billion in
nonagricultural products,
reducing the total trade deficit to
$3.5 billion. Fiscal 1973
agricultural exports were 60
percent above the previous
year’s level. Farm imports
amounted to $7.3 billion, up 21
percent. Major factors in the
record export total were the
continuing upward trend in world
demand and a poor 1972 crop year
in many parts of the world. In
creased volume of shipments
accounted for 60 percent of the
U.S. export gain, and higher
prices accounted for the balance.
The Department’s Economic
Research Service says that
unfavorable weather in the Soviet
Union, Southeast Asia, Australia,
and parts of Africa and Latin
America reduced harvests and
necessitated larger imports.
Demand for U.S. protein meal
was high because of reduced
export availability in Peru,
where the anchovy catch dropped
significantly, and in India and
Senegal, where peanut
production declined Also, in
creased foreign exchange ear
nings in many developing
countries permitted them to
import more U.S. agricultural
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products. Foreign demand for
U.S farm commodities has been
rising as a result of rising in
comes, especially in the in
dustrially developed countries of
Western Europe and in Canada
and Japan. Also, last year’s
dollar devaluations and the
resulting currency realignments
enhanced the competitive
position of our agricultural ex
ports in world markets.
Agricultural exports to all
major markets increased sub
stantially, but those to Japan,
Western Europe, and the Soviet
Union accounted for most of the
rise. Exports to Japan totaled
$2.3 billion, an increase of 97
percent over last year’s level.
Only three years ago, Japan
became the first billion-dollar
country market for U.S. farm
commodities.
Western Europe took a record
$4.5 billion worth of U.S.
agricultural exports in fiscal
1973, compared with $3.0 billion
worth a year earlier. Grains and
soybeans accounted for most of
the increase, primarily because
of more livestock production in
West European countries.
Farm product shipments to the
Soviet Union amounted to slightly
over $9OO million, but the in
crease over the previous year’s
level accounted for only 16
percent of the total rise in U.S.
agricultural exports. Most of the
increase occurred in wheat
shipments, which totaled 345
million bushels valued at $563
million. Feed grain exports to
Russia rose to 3.5 million tons--l
million tons more than fiscal 1972
Trade Deficit
shipments. Soybean exports
totaled 31 million bushels valued
at $ll9 million, compared with
none a year earlier.
Developing countries in Asia
increased their imports of U.S.
farm products from $1.6 billion
worth in fiscal 1972 to $2 2 billion
worth in fiscal 1973. Exports to
Latin America topped the $1
billion level for the first time.
Grains and soybeans were the
biggest exports to both areas.
Exports to Africa, where many
countries were suffering from
drought condition, were up only
about 8 percent.
The People’s Republic of China
became a significant market,
taking over $2OO million worth of
U.S. farm products. Cotton ex
ports, valued at $7B million, were
the most important, followed by
cbrn and wheat shipments valued
at $6O million and $36 million,
respectively.
Of all the major commodities
exported by the United States in
fiscal 1973, only shipments of
dairy products and vegetable oils
were below the value of fiscal
1972 exports. Grains and grain
products, totaling $5.3 billion,
accounted for over half the in
crease over fiscal 1972 exports.
Shipments of wheat and wheat
products were valued at $2.4
billion.
Feed gram exports rose to 35
million tons from 21 million a
year earlier. Japan imported 8.4
million tons of U.S. feed grams --
twice as much as m fiscal 1972 -
and the European Community
took over 10 million tons In-
creased livestock production in
most developed countries and
reduced crops in Australia and
Thailand also contributed to the
rise in U.S feed gram exports.
Exports of soybeans and
soybean products, at $3.1 billion,
were $1 billion higher than in
fiscal 1972 and accounted for a
fourth of the overall increase in
US. agricultural exports.
Volume of bean exports jumped
to a record 506 million bushels,
compared with 431 million
bushels m fiscal 1972. Value
jumped two-thirds to $2.3 billion
because of higher prices.
Soybean meal shipments rose to
4.9 million short tons valued at
$693 million. Soybean oil exports
totaled about 1.1 billion pounds
-440 million pounds less than a
year earlier.
Cotton exports, at 4.7 million
bales, were the highest since
1964, primarily because of in
creased consumption in most
textile manufacturing countries
and tight world supplies. Ship
ments of tobacco, including bulk
Lancaster Farming, Saturday, August 11,1973
smoking tobacco, rose 6 percent
to 591 million pounds. Value rose
12 percent to $640 million because
of higher world prices. The
United Kingdom accounted for
most of the increase in exports of
flue-cured tobacco, but Japan,
New Zealand, Switzerland, and
Belgium also took more U.S.
tobacco.
Exports of animals and animal
products were up one-third to a
record $1.4 billion. Cattle hides
rose to $375 million, more than
double the fiscal 1972 level. Meat
and meat product shipments
were valued at $307 million, up 73
percent. Substantial increases
occurred in pork exportsio Japan
and in beef shipments to Canada,
Japan, and the Carribbean.
Exports of poultry products rose
nearly one-fourth to $lOO million,
with most of the increase oc
curring in shipments of turkeys,
eggs, and egg products.
ERTH-RITE
MAXICROP
(Formerly Sea-Born)
ALGIT
ZOOK &
RANCK, INC.
R.D. 1 Gap, Pa. 17527
Phone 717-442-4171
r —: : 1
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KINZER EQUIP. CO.
Kinzer
STOLTZFUS
FARM SERVICE
Cochranville, Pa.
CHAS. J. McCOMSEY
& SONS
Hickory Hill, Pa.
Detailed information on US.
agricultural exports and imports
during fiscal 1973 will appear in
the August issue of Foreign
Agricultural Trade of the United
States, to be issued by the
Department of Agriculture’s
Economic Research Service
Ihe Old Imvt
- awjjp
f&fiflS HOG ELITE SPECIAL]
f/1
“What society calls the
smart thing to do is often
pretty dumb.”
Craig H. MacTaggart
155 N. Hazel Street
Manheim, Pa. 17545
Phone 717-665-2369
ROY H. BUCK, INC.
Ephrata, R.D.2
N.G. HERSHEY & SON
Manheim
LANDIS BROS.. INC.
LONGENECKER
FARM SUPPLY
Rheems
A. B. C. GROFF. INC.'
New Holland
Lancaster
17