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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Following up on my post from yesterday, here are some more interesting farm export facts.
Total 2011 agricultural exports are expected to $137 billion. This is an all time high with 2008 in second place at $115 billion. An interesting note is that farm imports were $93 billion which is primarily comprised of fruits, vegetables and coffee.
Of total exports, less than 40% of this is bulk products such as corn, wheat and beans. Back in the 1970s and 1980s more than 60% were bulk grains.
Our top 5 exporting countries are China #1, Canada #2, Mexico #3, Japan #4, and the EU #5. Canada had been number 1 for several years until China took over in 2011.
China imports almost 60% of the total world trade in soybeans and almost 40% of cotton.
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