U.S. Agricultural Trade: Trends, Composition, Direction, and Policy

Leading markets for U.S. agricultural exports are Canada, Mexico, Japan, the European Union, China, South Korea, and Taiwan. The United States dominates world markets for corn, wheat, and cotton. Brazil has overtaken the United States as the world"s leading supplier of soybeans and is the world"s leading supplier of beef and poultry to world markets. The U.S. share of world beef exports has declined since the discovery of a cow infected with "mad cow disease" in the United States in 2003. The United States, European Union, Australia, and New Zealand are dominant suppliers of dairy products in global agricultural trade. Most U.S. agricultural imports are high-value products. For some imports (grains, meats, horticultural products), similar products are produced in the United States; production of other categories of imports (bananas, coffee, cocoa) is very limited. The biggest import suppliers are the European Union, Canada, and Mexico, which together provide 57% of total U.S....