Trade Issues & Policy: Impacts for Iowa Agriculture 2017 Iowa Farm Bureau Economic Summit Ames, Iowa July 20, 2017 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate.edu 515-294-9911 1 1

Source: USDA-FAS

Source: USDA-FAS

Source: USDA-FAS

Value of Ag Trade Source: USDA-FAS

U.S. Ag Exports Source: USDA-FAS

Agricultural Trade with Canada NAFTA Two-way trade up 393% since NAFTA Source: US Census Bureau, Foreign Trade Statistics, FATUS export aggregations

Agricultural Trade with Mexico NAFTA Two-way trade up 517% since NAFTA Source: US Census Bureau, Foreign Trade Statistics, FATUS export aggregations

NAFTA Renegotiation Source: USTR

NAFTA Renegotiation Source: USTR

NAFTA Renegotiation Source: USTR

NAFTA Renegotiation – Ag Objectives Source: USTR

NAFTA Renegotiation – Ag Objectives Source: USTR

Iowa’s top 10 manufactured exports, 2015 1. Tractors $764 million 2. Herbicides 405 million 3. Aircraft engines/parts 264 million 4. Harvesting machinery 259 million 5. Aluminum alloy plates 250 million 6. Front-end loaders 179 million 7. Special purpose vehicles 152 million 8. Excavators 119 million 9. Ag/Hort/Forestry mach. 116 million 10. Medical instruments 105 million Source: http://www.census.gov/foreign-trade/statistics/state/data/ia.html

Iowa’s state export rankings, 2015 # 2 Soybeans $2.516 billion # 1 Pork $1.988 billion # 1 Feeds $1.506 billion # 1 Corn $1.398 billion # 2 Soybean meal $639 million # 2 Vegetable oils $392 million # 4 Beef $356 million # 2 Hides $293 million # 12 Dairy $122 million Source: USDA Economic Research Service, “State Export Data”

U.S. Ag Trade Source: USDA-WAOB 16 16

Source: USDA-FAS

World Corn Markets Source: USDA 18 18

Arable Land

Thank you for your time. Any questions. My web site: http://www2. econ Thank you for your time! Any questions? My web site: http://www2.econ.iastate.edu/faculty/hart/ Iowa Farm Outlook: http://www2.econ.iastate.edu/ifo/ Ag Decision Maker: http://www.extension.iastate.edu/agdm/