U.S. Farm Exports Hit Record in 1960-61; Only Latin American Purchases Fall

Excerpts from the report: U.S. agricultural exports to all world areas totaled a record $4,946 million in fiscal 1960-61, compared with $4,527 million in 1959-60 and the previous record of $4,724 million in 1956-57. The largest gain in 1960-61 was in exports to Asia, which advanced to $1,511 million from $1,220 million a year earlier. Shipments to Europe expanded 7 percent to $2,275 million from $2,127 million. Canadian purchases (most important in North America) were 11 percent larger and totaled $455 million, though this total includes intransit grain and soybean shipments enroute to Western Europe. Shipments to Africa advanced 20 percent to $221 million. Exports to Oceania were up 8 percent to $42 million. Latin American purchases declined by 19 percent to $442 million from the 1959-60 total of $527 million. The rise in foreign demand for U.S. farm products during recent years has been due largely to the continued expansion of economic activity in the industrialized countries of Western Europe and Japan. Purchasing power as reflected in gold and dollar holdings of many U.S. trading partners stood at record levels and made possible the gradual removal of trade barriers against U.S. farm products. Institutional factors in the Free World also had a stimulating effect on the increase in exports in this period. Examples of these were the creation of the newly independent countries of Africa and Asia; large-scale U.S. economic aid programs in the developing countries; and the General Agreement on Tariffs and Trade.