At this time, the U.S. has trade agreements with three South American countries - Colombia, Peru and Chile, and according to the International Agricultural Trade Report released on May 15, although these three countries account for only 37% of all of South American agricultural imports, they account for 56% of U.S. South American sales.
U.S. exports to these three countries expanded at a rate of 170% over the past five years – much faster than the rate of 100% for South American countries lacking free trade agreements.
This is particularly true for U.S. feed corn exports, which grew by 200% last year to a historic high, valued in excess of US$1.6 billion, according to the U.S. Department of Agriculture (USDA). U.S. soybean exports increased by 60% to a value of US$204 million, while the value of U.S. exports of soybean meal grew to US$826 million. U.S. feeds and fodder exports grew to a value of US$341 million, and distillers grains exports grew to a value of US$45 million.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at email@example.com.