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Key Economic Events
- Gains in U.S. exports surpassed gains in U.S. export of agricultural products in 2007, and resulted in the first U.S. trade surplus in agricultural products since 2003.
- The large increase in U.S. exports of agricultural products was the result of higher commodity prices and the depreciation of the U.S. dollar improving the competitiveness of U.S. agricultural exports in the world market. The largest absolute trade shift among agricultural product exports in 2007 was the $7.5 billion (56 percent) increase in U.S. exports of grain (cereals).
- U.S. imports of agricultural products grew slower in 2007 due to above trend imports during previous years, higher fuel costs, and the negative effect of declining housing market on disposable income. Declines in U.S. imports of ethanol and sugar were among the largest absolute trade shifts among agricultural product imports in 2007 due to increased U.S. production over the previous year.
Trade Shifts in 2007 from 2006
- U.S. trade deficit: Improved by $12.4 billion from $4.5 billion deficit to $7.9 billion surplus
- U.S. exports: Increased by $19.1 billion (25 percent) to $96.0 billion
- U.S. imports: Increased by $6.7 billion (8 percent) to $88.1 billion &ndash
Canned Peaches, Pears, and Fruit Mixtures: Conditions of Competition Between U.S. and Principle Foreign Supplier Industries, Pub. 3972, December 2007.
Certain Sugar Goods: Probable Economic Effect of Tariff Elimination Under NAFTA for Goods of Mexico. Pub. 3928, August 2007.
U.S. Agricultural Sales to Cuba: Certain Economic Effects of U.S. Restrictions. Pub. 3932, July 2007.
Canned Pineapple Fruit from Thailand. Pub. 3911, March 2007.
Honey from Argentina and China. Pub. 3929, June 2007.
Orange Juice from Brazil. Pub. 3930, June 2007.
Orange Juice from Brazil. Pub. 3958, October 2007.
Other Government Resources
U.S. Department of Agriculture