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Article: U.S. farm exports to taper off, yet Cuba looks promising.(The Americas)(Trade Sanctions and Reform Export Enhancement Act of 2000)(Brief Article)
- Article from:
- World Trade
- Article date:
- February 1, 2005
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Farm product exports have historically been the cornerstone of the U.S. agricultural industry. However, the U.S. Department of Agriculture predicts that imports this year will finally rival exports.
Specifically, the USDA forecasts that exports will total $56 billion in 2005, down from the record $62.3 billion set in fiscal 2004, which ended September 30.
The government blamed the lower export forecast on record crop production, which pushed down prices on grains, oilseeds, and cotton, as well as increased foreign competition.
The U.S. has for years relied on global grain sales to sustain exports while offsetting its huge volume of imports, ...