Export-Payment Assistance to U.S. Agricultural Exports Declined Sharply in Fiscal Year 1969

Excerpts from the report Introduction: U.S. exports of farm products totaled $5.7 billion in 1968/69, down nearly $0.6 billion from 1967/68 and $1.0 billion less than the peak year of 1966/67. The recent decline was equally divided between commercial and food-aid exports. The $386 million reduction in sales for foreign currency, partly offset by a rise of over $100 million in long-term credit sales, largely accounted for the reduced exports under Government-financed programs. The largest commodity declines were in wheat, feed grains, and cotton. Exports of animals and products, oilseeds and products, and dairy products were higher. Payment-assisted exports are estimated at $0.7 billion in 1968/69, compared with $1.4 billion a year earlier and $2.3 billion when this series of estimates was begun for 1960/61. Total export payments amounted to $62.9 million, down from $106.6 million a year earlier and a high of $821.7 million in 1963/64. The movement of wheat grain with no net export payments accounted for most of the decline in value of assisted exports and in total export payments from a year earlier. Certificate purchases by wheat exporters somewhat exceeded payments made to them.