11/20/08 Record ag exports, imports

The 2008 fiscal year numbers are in; it was a record setting year for US agricultural exports. USDA economist Nora Brooks says it was also a record setting year for ag imports. BROOKS "The exports hit 115.5 billion and the imports came in at 79.3 billion. The fiscal '08 export value is 41 percent higher than fiscal '07 and actually one and a half billion above the August forecast. Import value continues to go up. It's about 13 percent above what it was last year and only about 300 million above what we forecast in August." Brooks says higher exports of wheat, corn and dairy products in August contributed to the record numbers, but so did the higher prices through out the year. BROOKS "There were pretty much across the board increases but most commodities rose 20, 30, 40 percent over last year and then the big gainers were the grains and the oil seeds and they were up in the 60, 70, 80 percent increases over last year. So what does any of this mean for US ag trade in fiscal 2009? BROOKS "I don't expect those increases to continue because we have lower commodity prices and because of the financial conditions across the world." If you're interested in the trade numbers and want more information you can find weekly summaries which are posted on the USDA website Today's Idaho Ag News Bill Scott