U.S. agricultural exports rose to $53 billion in calendar year 2002, an increase of $30 billion in nominal dollars since 1976. In real terms, the average rate of export growth was 1.7%/year. U.S. export gains occurred mainly in high-value products (HVPs); bulk exports rose slightly, but suffered a significant loss of market share. Of the total HVP exports, processed HVPs (meats and grain products) accounted for the most growth; semiprocessed HVPs (feeds, hides, and oilseed products) were relatively stable; and raw HVPs (fruits, vegetables, and live animals) expanded slightly. Asia and the Americas surpassed Europe as the largest U.S. agricultural markets.

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