Importance of Foreign Trade in Agricultural Commodities

Excerpts from the reports: The value of food products exported in calendar year 1967 dropped to $3.5 billion--6 percent below a year earlier. Exports of nonfood commodities also declined. The total value of exports of agricultural commodities declined 7 percent to $6.4 billion. Part of the drop was due to lower prices, which averaged about 1½ percent lower for products exported. Agricultural exports accounted for one-fifth of all commodities exported from the United States in 1967. The total value of food commodity imports rose from $3.3 billion in 1966 to $3.4 billion in 1967. Prices averaged about 1 percent lower for the products imported. Increases in the value of imports of sugar, beef and veal, and vegetables more than offset lower imports of coffee, the most important food product imported. Prices were higher for sugar, but lower for coffee. Imports of dairy products rose substantially during the first half year, but dropped sharply in the second half for an overall drop of 3 percent. Agricultural products accounted for about one-sixth of all commodities imported into the United States in 1967.