EXPORTS, IMPORTS, and TRADE BALANCE

KEY TRENDS

• The United States shifted from a trade surplus in agricultural products in 2003 to a trade deficit of $104 million in 2004.
  
  
• Much of the shift was caused by the discovery of Bovine Spongiform Encephalitis (BSE) in Washington State in December 2003, which led to a $3 billion decline in U.S. exports of cattle and beef.
  
  
• U.S. grain exports, led by corn and wheat, rose $2.2 billion in 2004, as favorable growing conditions prevailed in U.S. wheat-growing areas.
  
  
• U.S. soybean exports fell $1.3 billion as bad weather and disease led to an 11 percent decline in U.S. production.
  
  
• U.S. imports of vegetable oils surged $702 million (47 percent) as U.S. consumers demanded more olive, coconut, canola, and palm oils.

TRADE SHIFTS in 2004 from 2003

• U.S. trade deficit: Shifted from a surplus by $3.9 billion to $0.1 billion
• U.S. exports: Increased $2.2 billion (3 percent) to $66.9 billion
• U.S. imports: Increased $6.1 billion (10 percent) to $67.0 billion
• Cattle and Beef exhibited the largest shift.
  
  

LINKS

USITC PUBLICATIONS
332 Investigations

• Conditions of Competition for Milk Protein Products in the U.S. Market

International Economic Review

• Mexican Farmers Against U.S. Imports: An Update

Working Papers

• Modeling U.S.-Based Soy Markets With Directed Acyclic Graphs and Times Series Econometrics: Evaluating the U.S. Market Impacts of High Soy Meal Prices

OTHER GOVERNMENT RESOURCES
U.S. Department of Agriculture, Economic Research Service

• Cattle Briefing Room
• Cotton and Wool Outlook Report
• Soybean and Oilcrops Briefing Room

U.S. Department of Agriculture, Foreign Agricultural Service

• Oilseeds and Products Group

SECTOR SHIFTS

| Agricultural Products | Forest Products | Chemicals and Related Products |
| Energy and Related Products | Textiles, Apparel, and Footwear |
| Minerals and Metals | Machinery | Transportation Equipment |
| Electronic Products | Miscellaneous Manufactures |

COUNTRY SHIFTS