USDA forecasts that agricultural exports, imports, and the
agricultural trade surplus will reach record levels in FY2011 of
$137 billion, while agricultural imports are expected to reach
$93 billion. Since the early 1990s exports of high-value
products (e.g., fruits, vegetables, meats, wine and beer) have
increased and now account for 60% of total U.S. agricultural
exports. Exports of bulk commodities (e.g., soybeans, wheat, and
feed grains) remain significant. The United States in 2011 is
forecast to be the world's leading exporter of corn, wheat,
soybeans, and cotton. The U.S. share of world beef exports,
which declined after the 2003 discovery of a case of Bovine
Spongiform Encephalopathy in the United States, is recovering as
more countries have re-opened their markets to U.S. product. The
United States, European Union, Australia, and New Zealand are
dominant suppliers of dairy products in global agricultural
trade. New Zealand and the United States are the main suppliers
of nonfat dry milk to world marke