U.S. SOYBEAN, OIL SEED EXPORTS DOWN $2 BILLION IN FIVE YEARS

U.S. SOYBEAN, OIL SEED EXPORTS DOWN $2 BILLION IN FIVE YEARS

   U.S. soybean and oil seed producers lost about $2 billion in export sales during the past five years and at a time when U.S. farm prices fell by almost one-third, according to a new report by the International Trade Commission.

      “Foreign markets purchased more than 40 percent of U.S. oilseed during 1997-2001, the period covered by the report, but Brazil and Argentina successfully challenged the U.S. dominance in world oilseed markets,” the ITC said.

   U.S. oilseed exports include soybeans, cottonseed, sunflower seed, flax seed and canola. Most exports went to the European Union, China, Mexico, Japan and other Southeast Asian countries.

   About half of the $216 million of U.S. oilseed imports came from Canada, comprising canola, soybeans, sunflower seed and flax seed.

   “U.S. import duties on oilseed imports are very minor, averaging less than 1 percent ad valorem in 2001,” the ITC said. “U.S. exports of soybeans face substantial tariff and non-tariff measures, particularly related to phytosanitary regulations on genetically modified (GM) soybeans.”

   The ITC report: “Industry and Trade Summary: Oilseeds (USITC Publication 3576, February 2003), will be made available on the ITC Web site at http://www.usitc.gov.