September 3, 2004 -- CropChoice news -- USAgNet,
08/30/04: Slipping exports and rising imports
of agricultural products in the coming fiscal year will
give the United States its smallest farm trade surplus
since 1972, according to government projections issued
on Thursday. U.S. farmers will export $57.5 billion
worth of agricultural products in fiscal 2005, down
$4.5 billion from the record expected for the current
fiscal year, the U.S. Agriculture Department said.
High oil prices, increased foreign competition, and
bigger world wheat and cotton crops next year will hurt
American farm exports, the USDA said in its first look
at fiscal 2005 exports.
The new fiscal year will begin on Oct. 1. Exports are
an essential component of U.S. agriculture, accounting
for about 25 cents of every dollar in American farm
Exports of U.S. grain and feed were estimated at $16.1
billion in 2005, down $1.7 billion from this year.