Trends in U.S. Agricultural Export Credit Guarantee Programs and P.L. 480, Title I, FY1992-FY2002

Order Code RL32278 CRS Report for Congress Received through the CRS Web Trends in U.S. Agricultural Export Credit Guarantee Programs and P.L. 480, Title I, FY1992-FY2002 March 16, 2004 Carol Canada Technical Information Specialist Resources, Science, and Industry Division Congressional Research Service ˜ The Library of Congress Trends in U.S. Agricultural Export Credit Guarantee Programs and P.L. 480, Title I, FY1992-FY2002 Summary Export credit guarantee programs operated by the Commodity Credit Corporation (CCC) and P.L. 480, Title I, supported 7% or $3.7 billion of total agricultural exports of $53 billion in FY2002. Over the 11-year period from FY1992 to FY2002, CCC export credit guarantee programs and P.L. 480, Title I food aid programs have been used to finance agricultural commodity exports to over 100 countries. In FY2002, funding for export credit guarantee programs was $3.4 billion and funding for P.L. 480, Title I, was $102 million. Export credit guarantee programs are used to encourage, increase, and maintain U.S. exports in countries where credit is used, but such exports would not be feasible without a guarantee. P.L. 480, Title I, uses long term credit agreements to facilitate government-togovernment purchases of agricultural commodities by developing countries with the potential to become commercial markets. Export credit guarantee programs include the short-term Export Credit Guarantee Program (GSM-102), the Intermediate Export Credit Guarantee Program (GSM-103), the Supplier Credit Guarantee Program (SCGP), and the Facilities Financing Guarantee Program (FGP). P.L. 480, Title I, is also included because it provides long term credit for government-to-government agricultural sales. Export credit guarantee programs are part of a broad range of agricultural export programs that include export subsidy programs and market promotion programs, although these programs are not covered in this report. Among other things, this report shows that funding for export credit guarantee programs varies from year to year; funding for export credit guarantee programs increased from FY1999 to FY2002; funding for Title I decreased from FY2000 to FY2002; more agricultural commodities have been exported using GSM-102 than GSM-103; the commodity mix varies annually but the broad commodity categories remain similar; countries’ use of government credit export programs and P.L. 480, Title I, vary annually depending upon each country’s preference and ability to use and pay off credit; and export credit guarantee programs and P.L. 480, Title I, as a percent of total agricultural exports increased from FY2000 to FY2002. This report provides tables and graphs on the composition of U.S. export credit guarantee programs. Data is restricted to U.S. Department of Agriculture (USDA) data that includes commodity value. This report will be updated as circumstances warrant. Contents Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Export Credit by Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Commodities Provided by Programs, FY1992-FY2002 . . . . . . . . . . . . . . . . 4 Regions Receiving Commodities, FY1992 and FY2002 . . . . . . . . . . . . . . . . 7 Export Credit Guarantee Programs and P.L. 480, Title I, as a Percentage of U.S. Agricultural Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 List of Figures Figure 1. Export Credit Guarantee Programs, Commodity Value, FY1992-FY2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Figure 2. P.L. 480, Title I, by Commodity Value, FY1992-FY2002 . . . . . . . . . . 4 Figure 3. Export Credit Guarantee Program Commodities by Value, FY1992 . . 5 Figure 4. Export Credit Guarantee Program Commodities by Value, FY2002 . . 6 Figure 5. P.L. 480, Title I Commodities by Value, FY1992 and FY2002 . . . . . . 7 Figure 6. Value of Agricultural Exports Received by Region through Export Credit Guarantee Programs, FY1992 . . . . . . . . . . . . . . . . . . . . . . . . . 8 Figure 7. Value of Agricultural Exports Received by Region through Export Credit Guarantee Programs, FY2002 . . . . . . . . . . . . . . . . . . . . . . . . . 9 Figure 8. Value of Agricultural Exports Received by Region through P.L. 480, Title I, FY1992 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Figure 9. Value of Agricultural Exports Received by Region through P.L. 480, Title I, FY2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Figure 10. Export Credit Programs and P.L. 480, Title I, as a Percent of U.S. Agricultural Exports, FY1992-FY2002 . . . . . . . . . . . . . . . . . . . . . . . . 12 List of Tables Table 1. CCC Export Credit Guarantee Programs and Title I, FY1992-FY2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Table 2. Top 10 Export Credit Guarantee Program Commodities by Value for FY1992 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Table 3. Top 10 Export Credit Guarantee Program Commodities by Value for FY2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Table 4. Value of Export Credit Guarantee Program by Region, FY1992 and FY2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Table 5. Value of P.L. 480, Title I, by Region for FY1992 and FY2002 . . . . . . 11 Table 6. CCC Export Credit Guarantee Programs, P.L. 480, Title I, and U.S. Agricultural Exports, FY1992-FY2002 . . . . . . . . . . . . . . . . . . . . 13 Appendix A. Export Credit Guarantee Program and P.L. 480, Title I Commodity Mix during FY1992 and FY2002 . . . . . . . . . . . . . . . . . . . . . . 14 Appendix B. Countries That Used Export Credit Guarantee Programs and P.L. 480, Title I, during FY1992 and FY2002 . . . . . . . . . . . . . . . . . . . . . . . 15 Trends in U.S. Agricultural Export Credit Guarantee Programs and P.L. 480, Title I, FY1992-FY2002 Overview Export credit guarantee programs are used to encourage, increase, and maintain U.S. exports in countries where credit is used, but such exports would not be feasible without a guarantee. When private U.S. financial institutions extend loans to countries that want to purchase U.S. agricultural exports, the Commodity Credit Corporation (CCC) issues a guarantee and assumes the default risk on the loans.1 If the foreign purchaser defaults on the loan, then the U.S. government will pay back the loan to the financial institution. There are four government credit programs: the short-term Export Credit Guarantee Program (GSM-102), the Intermediate Export Credit Guarantee Program (GSM-103), the Supplier Credit Guarantee Program (SCGP), and the Facilities Financing Guarantee Program (FGP). The General Sales Manager’s (GSM’s) office in the Foreign Agricultural Service (FAS) administers these programs. While the federal government provides guarantees, actual financing is provided by banks. Co-Bank, a cooperative and a member of the Farm Credit System, is the main user of these guarantee programs. Co-Bank states on its website2 that it is a major lender under the GSM-102 and GSM-103 programs and that the majority of its international portfolio of loans is guaranteed by the U.S. Department of Agriculture’s (USDA’s) CCC. According to Co-Bank’s 2002 annual report, agricultural loans accounted for 47% of its total loan and lease portfolio in 2002. P.L. 480, Title I,3 does not guarantee repayment; it extends direct credit from the U.S. government to the government of the foreign country that wants to purchase U.S. agricultural exports. P.L. 480, Title I, is included because it uses long-term credit agreements to facilitate government-to-government purchases of agricultural commodities by developing countries with the potential to become commercial markets. 1 The Commodity Credit Corporation (CCC) is the financing institution for USDA’s farm price and income support commodity programs, and agricultural export subsidies. 2 3 See Co-Bank’s website at [http://www.cobank.com]. P.L. 480 was established by the Agricultural Trade Development and Assistance Act of 1954 (P.L. 83-480, July 10, 1954). It is also called Food for Peace and consists of three titles: Title I, Title II, and Title III. CRS-2 GSM-102 and GSM-103 guarantee repayment when U.S. banks extend credit to foreign banks to finance sales of U.S. agricultural goods. The CCC guarantees to repay 98% of the principal and part of the interest for both programs in case of default or nonpayment. GSM-102 was authorized by the Agriculture Trade Act of 1978 (P.L. 95-501). It guarantees repayment for up to three years. GSM-103 was established by the Food Security Act of 1985 (P.L. 99-198), and it guarantees repayment for 3 to 10 years. The Federal Agriculture Improvement and Reform Act of 1996 (P.L. 104-127) mandated a minimum annual program level of $5.5 billion for GSM-102 and GSM-103, but it allows flexibility in how much is made available for each program. The Farm Security and Rural Investment Act of 2002 (P.L. 107171) reauthorized the program level. Supplier Credit Guarantee Program (SCGP), a variation of GSM-102, guarantees repayment from the importer when the U.S. exporter extends credit for 180 days or less directly to the importer. The CCC guarantees to repay 65% of the export’s value. It was established by the Federal Agriculture Improvement and Reform Act of 1996 (P.L. 104-127). Facilities Financing Guarantee Program (FGP), also a variation of GSM-102, guarantees repayment to investors who export manufactured goods and services to emerging country markets to improve or establish agriculture-related storage, processing, or handling facilities. The CCC currently guarantees 95% of the value of exported goods and services, less a 15% initial payment the investor receives from the importer. It was established by the Federal Agriculture Improvement and Reform Act of 1996 (P.L. 104-127). P.L. 480, Title I, uses long term credit agreements to facilitate government-togovernment purchases of agricultural commodities by developing countries with the potential to become commercial markets. Title I is part of P.L. 480, which provides U.S. agricultural commodities to countries with differing economic development levels. P.L. 480 is authorized by the Agricultural Trade Development and Assistance Act of 1954 (P.L. 83-480) and was reauthorized as amended by the Farm Security and Rural Investment Act of 2002 (P.L. 107-171). Title I is administered by FAS. Export Credit by Program As shown in Figure 1, the levels of funding for export credit guarantee programs have varied from year to year. In FY2002, export credit guarantee program funding was at $3.4 billion, with GSM-102 at $3 billion and SCGP at $452 million. Neither GSM-103 nor FGP was used in FY2002. GSM-102, the largest of the four programs, peaked at $5.6 billion in FY1992. GSM-103 was used more in earlier years, then declined to $63 million in FY1997, and has since remained below $100 million. SCGP, a new program established in 1996, increased from $4 million in FY1997 to $452 million in FY2002. FGP is also a new program established in 1997 that was first used in FY2000 at $5 million and has not been used again. (See Table 1 for export credit guarantee data and P.L. 480, Title I, by value from FY1992 to FY2002.) CRS-3 Figure 1. Export Credit Guarantee Programs, Commodity Value, FY1992-FY2002 6,000 5,000 4,000 3,000 2,000 1,000 0 1992 1993 1994 FGP 1995 1996 1997 SCGP 1998 1999 GSM-103 2000 2001 2002 GSM-102 Source: USDA. Table 1. CCC Export Credit Guarantee Programs and Title I, FY1992-FY2002 ($ million) 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 CCC Credit Programs 5,684 3,882 3,220 2,921 3,230 2,876 4,037 3,045 3,082 3,227 3,388 Short-term Guarantees (GSM-102) 5,596 3,643 3,080 2,772 3,079 2,809 3,963 2,955 2,928 2,959 2,936 88 239 140 149 151 63 56 44 33 42 0 Supplier Credit Guarantees 0 0 0 0 0 4 18 46 116 226 452 Facilities Financing Guarantees 0 0 0 0 0 0 0 0 5 0 0 374 333 218 172 219 153 164 687 157 105 102 Intermediateterm Guarantees (GSM-103) P.L. 480, Title I Source: USDA. CRS-4 As shown in Figure 2, P.L. 480, Title I spending has declined overall, except for a spike in FY1999, due to an augmenting of P.L. 480 appropriations with $700 million of CCC funds to provide food aid to Russia. The Secretary of Agriculture on November 6, 1998, announced a food assistance package in which about 1.4 million metric tons of agricultural products valued at approximately $507.6 million were sold through Title I to Russia in FY1999. In FY2002, Title I funds were $102 million, approximately one-third of the amount in FY1992 of $374 million. Figure 2. P.L. 480, Title I, by Commodity Value, FY1992-FY2002 700 600 500 400 300 200 100 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Source: USDA. Commodities Provided by Programs, FY1992-FY2002 U.S. exporters can sell any agricultural commodity (bulk or high value products) using export credit guarantee programs, as long as the commodity is produced in the United States. Although the commodity types are similar (i.e., feed grains or oilseeds) from year to year, the commodity mix (i.e., corn or soybeans) varies each year because it is determined by the needs of the importers. (See Appendix A for a list of commodities exported using export credit guarantee programs and P.L. 480, Title I, for FY1992 and FY2002.) As shown in Figure 3, in FY1992 wheat accounted for 33% of total agricultural commodity sales using export credit guarantee programs; corn accounted for 19% of the total; and the “Other” category accounted for 15% of the total. Table 2 shows the top 10 export credit commodities by value for FY1992. CRS-5 Figure 3. Export Credit Guarantee Program Commodities by Value, FY1992 Wheat 32.5% Corn 18.6% Soybeans 12.2% Other 14.9% Cotton 4.3% Grain Sorghum 7.0% Soybean Meal 10.5% Other includes: Almonds, Barley, Barley Malt, Barley Malting, Dry Beans, Beef Meat, Butter Oil, Cattle Hides, Cattle Beef Breed, Cattle Dairy Breed, Cheddar Cheese, Chinchilla Skins, Corn Gluten Meal, Corn Oil, Corn Starch, Cottonseed, Cottonseed Meal, Cottonseed Oil, Coyote Skins, Feed Grains, Grease Yellow, Hops, Lambskins/Sheepskins, Lumber, Meat/Bone Meal, Milk, Nonfat Dry, Mink Skins, Oilseeds, Peanut Oil, Peanuts, Peas Dry, Planting Seeds, Plywood, Pork Meat, Pork Offal, Poultry Meat, Protein Meals, Raccoon Skins, Rice, Soybean Oil, Sunflowerseed Oil, Swine Breeding, Table Eggs, Tallow, Utility Poles, Vegetable Oil, Veneer, Wheat Flour, White Corn, Whole Milk Powder, Wood Pulp. Source: USDA. Table 2. Top 10 Export Credit Guarantee Program Commodities by Value for FY1992a ($ million) Commodity GSM-102 GSM-103 Total Wheat 1,810 34 1,844 Yellow Corn 1,017 40 1,057 Soybeans 690 0 690 Soybean Meal 594 1 595 Grain Sorghum 397 0 397 Cotton 245 0 245 Soybean Oil 103 0 103 Rice 68 0 68 Sunflowerseed Oil 92 0 92 0 74 Tallow 74 Source: Foreign Agricultural Service, USDA. a SCGP and FGP had not been established in FY1992. CRS-6 As shown in Figure 4, in FY2002, feed grains (which include corn) accounted for 25% of total agricultural commodity sales using export credit guarantee programs; oilseeds accounted for 22% of the total; and wheat for 21% of the total. Figure 4. Export Credit Guarantee Program Commodities by Value, FY2002 Oilseeds 22.4% Feed Grains 24.7% Other 10.4% Wheat 20.7% Vegetable Oil 3.9% Cotton 6.9% Protein Meals 10.9% Other includes: Alcoholic Beverage, Animal Fat Blends, Animal Feed Products, Aquaculture Feed, Beverages, Breakfast Cereal, Cattle-Slaughter, Condiments, Corn Products, Cotton Fabrics, Cotton Yarn, Dairy Products, Distillers Dry Grain, Fish and Shellfish, Fruit Juice, Fruit Juice Concentrates, Fruit-Canned, Fruit-Dried, Fruit-Fresh, Grocery Items, Hides and Skins, Leather, Lyocell, Meat and/or Meat Products, Meat-Beef, Meat-Beef Offals, Meat,-Lamb, Meat-Pork, Meat-Pork Offals, Meat,-Poultry, Meat-Processed, Planting Seeds, Pulses, Rice, Snack Foods, Soup, Dehydrated Instant, Soybean Meal, Soybeans, Tallow, Tree Nuts, Wine, Wood Products-Solid, Wood Pulp, Yellow Grease. Source: USDA. Table 3 shows the top 10 export credit guarantee program commodities by value for FY2002. Table 3. Top 10 Export Credit Guarantee Program Commodities by Value for FY2002 ($ million) Commodity GSM-102 GSM-103a FGPa SCGP Total Feed Grains 726 0 112 0 838 Oilseeds 622 0 138 0 760 Wheat 657 0 46 0 702 Protein Meals 361 0 9 0 370 Cotton 231 0 4 0 235 Vegetable Oil 125 0 6 0 131 Rice 66 0 34 0 100 Tallow 61 0 2 0 63 Meat, Beef 27 0 22 0 49 0 23 Meat, Beef Offals 6 0 17 Source: Foreign Agricultural Service, USDA. a There were no exporter applications for GSM-103 nor FGP in FY2002. CRS-7 As shown in Figure 5, in FY1992, wheat accounted for 47% of all Title I sales; corn accounted for 15% of the total; and soybean meal for 13%. In FY2002, rice accounted for 42% of all Title I sales; wheat accounted for 36% of the total; and soybean meal accounted for 12% of the total. Rice’s share increased dramatically from 8% of the total in FY1992 to 42% in FY2002. Wheat decreased from 47% of the total in FY1992 to 36% in FY2002. Several commodities (corn, cotton, tallow, wheat flour, and vegetable oil) that were exported in FY1992 under Title I did not appear in FY2002. This could reflect governments’ decisions not to purchase these items in FY2002 due to changes in needs, preferences, or purchasing power. Figure 5. P.L. 480, Title I Commodities by Value, FY1992 and FY2002 FY2002 FY1992 Corn 15.0% Cotton 2.7% Tallow 2.1% Soybean Meal 12.6% Rice 41.9% Vegetable Oil 10.2% Wheat Flour 2.1% Rice 7.8% Wheat 47.5% Wheat 36.4% Soybeans 9.8% Soybean Meal 11.8% Source: USDA. Regions Receiving Commodities, FY1992 and FY2002 Importers in over 100 countries have used GSM-102, GSM-103, and SCGP to purchase U.S. agricultural products. Each year the number of countries participating in the export credit program varies due to need and purchasing power. This report uses FAS’s commercial credit country groups. These groups are: Asia; Central America and the Caribbean; South America; North Africa and the Middle East; and the Former Soviet Union. The one exception to using FAS groups is that Mexico is cited in place of the North America group, since it was the only country listed under North America that used export credit guarantee programs for FY1992 and FY2002. “Other” contains Eastern Europe, Western Europe, and Subsaharan Africa. (See Appendix B for a list of countries under each region that used export credit guarantee programs and P.L. 480, Title I, in FY1992 and FY2002.) CRS-8 As shown in Figure 6, in FY1992, the Former Soviet Union accounted for 46% of the total agricultural export share by regions using the export credit guarantee program; Mexico accounted for 23% of the total; and North Africa and the Middle East accounted for 13% of the total. Figure 6. Value of Agricultural Exports Received by Region through Export Credit Guarantee Programs, FY1992 Central America & Caribbean 1.0% Former Soviet Union 45.6% Asia 13.6% South America 2.0% Other 1.9% North Africa & Middle East 12.9% Mexico 23.1% Other contains Eastern Europe, Western Europe, and Subsaharan Africa. Source: USDA. As shown in Figure 7, in FY2002, Asia accounted for 25% of the total agricultural export share by regions using the export credit guarantee program; Central America and the Caribbean accounted for 21% of the total; and South America accounted for 19% of the total. The increase of Asia’s export share from FY1992 to FY2002 reflects China’s use of the export credit guarantee program in FY2002. Sales to Central America and the Caribbean increased greatly from 1% in FY1992 to 21% in FY2002. The decrease in the former Soviet Union’s share from 46% in FY1992 to less than 1% in FY2002 reflects changes made by economic reforms in the former Soviet Union. These reforms decreased the size of the livestock sector and lowered the demand for feed grains, soybeans, and meal. Mexico’s share has decreased slightly from 23% in FY1992 to 18% in FY2002. North Africa and the Middle East’s export share increased slightly by 3% from FY1992 to FY2002. South America’s export share increased from 2% in FY1992 to 19% in FY2002. Regions that make up the other category’s export share decreased slightly from FY1992 to FY2002. Table 4 shows the value of the export credit guarantee programs by region and program for FY1992 and FY2002. CRS-9 Figure 7. Value of Agricultural Exports Received by Region through Export Credit Guarantee Programs, FY2002 Central America & Caribbean 21.3% Asia 25.3% Former Soviet Union 0.3% Mexico 17.6% South America 19.2% Other 0.8% North Africa & Middle East 15.5% Other contains Eastern Europe, Western Europe, and Subsaharan Africa. Source: USDA. Table 4. Value of Export Credit Guarantee Program by Region, FY1992a and FY2002 ($ million) Region GSM-102 GSM-103 SCGP Total FY1992 FY2002 FY1992 FY1992 FY2002 772 778 0 81 772 859 50 680 4 41 55 721 Former Soviet Union 2,585 3 0 7 2,585 11 Mexico 1,305 309 4 287 1,310 595 North Africa & Middle East 659 511 74 14 733 525 Otherb 106 5 0 20 106 26 South America 113 650 0 2 113 652 5,672 3,388 Asia Central America & Caribbean 5,590 2,936 83 452 Total Source: Foreign Agricultural Service, USDA. a SCGP and FGP had not been established in FY1992. b “Other” contains Eastern Europe, Western Europe, and Subsaharan Africa. FY2002 CRS-10 As shown in Figure 8, in FY1992, North Africa and the Middle East accounted for 32% of P.L. 480, Title I sales; Central America and the Caribbean accounted for 20% of the total; and “Other” accounted for 19% of the total. Figure 8. Value of Agricultural Exports Received by Region through P.L. 480, Title I, FY1992 North Africa & Middle East 32.2% South America 3.8% Asia 8.8% Central America & Caribbean 19.8% Former Soviet Union 16.1% Other 19.3% Other contains Eastern Europe, western Europe, and Subsaharan Africa. Source: USDA. As shown in Figure 9, in FY2002, Asia accounted for 54% of P.L. 480, Title I sales; the Former Soviet Union accounted for 16% of the total; and South America accounted for 14% of the total. Asia’s export share increased from 9% in FY1992 to 54% in FY2002, which reflects Pakistan and Indonesia’s use of Title I to purchase agricultural products. Central America and the Caribbean’s export share decreased by about half from FY1992 to FY2002. Some countries, such as Jamaica and El Salvador, in the Central America and Caribbean region did not use Title I to purchase agricultural products in FY2002. And other countries, such as Guatemala and Ecuador, purchased fewer agricultural products through Title I in FY2002. North Africa and the Middle East did not use Title I in FY2002 to purchase agricultural commodities. The “Other” category’s export share decreased from 19% in FY1992 to 7% in FY2002. Of the regions in the “Other” category, Western Europe did not use Title I in either year, Eastern Europe used Title I in FY1992, and Subsaharan Africa used the program both years. Table 5 shows the value of P.L. 480, Title I, by region for FY1992 and FY2002. CRS-11 Figure 9. Value of Agricultural Exports Received by Region through P.L. 480, Title I, FY2002 Other 6.5% Former Soviet Union 15.7% Central America & Caribbean 10.2% South America 13.9% Asia 53.7% Other contains Eastern Europe, Western Europe, and Subsaharan Africa. Source: USDA. Table 5. Value of P.L. 480, Title I, by Region for FY1992 and FY2002 ($ million) Region 1992 2002 Asia 33 15 Central America & Caribbean 74 17 Former Soviet Union 60 58 0 11 120 0 Other 72 7 South America 14 0 374 108 Mexico North Africa & Middle East Total Source: USDA. CRS-12 Export Credit Guarantee Programs and P.L. 480, Title I, as a Percentage of U.S. Agricultural Exports As shown in Figure 10, overall, export credit guarantee programs and P.L. 480, Title I as a percent of U.S. agricultural exports declined from 14% in FY1992 to just under 6% in FY1997, then rose to 8% in FY1998. From FY1998 to FY2002, export credit guarantee programs and P.L. 480, Title I as a percent of U.S. agricultural exports remained between 8% and 6%. Export credit guarantee programs and P.L. 480, Title I, accounted for 7% of total agriculture exports in FY2002. Table 6 shows data on U.S. agricultural exports by value for FY1992 to FY2002. Figure 10. Export Credit Programs and P.L. 480, Title I, as a Percent of U.S. Agricultural Exports, FY1992-FY2002 16% 14% 12% 10% 8% 6% 4% 2% 0% 1992 Source: USDA. 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 CRS-13 Table 6. CCC Export Credit Guarantee Programs, P.L. 480, Title I, and U.S. Agricultural Exports, FY1992-FY2002 ($ million) Year CCC Export Credit Guarantee Programs P.L. 480, Title I Total Agricultural Exports CCC Export Credit Guarantee Programs and P.L. 480, Title I Share of Total Agricultural Exports 1992 5,684 374 42,651 14% 1993 3,882 333 42,887 10% 1994 3,220 218 43,967 8% 1995 2,921 172 54,729 6% 1996 3,230 219 59,867 6% 1997 2,876 153 57,338 5% 1998 4,037 164 53,711 8% 1999 3,045 687 49,148 8% 2000 3,082 157 50,798 6% 2001 3,227 105 52,699 6% 3,388 102 53,294 7% 2002 Source: USDA. CRS-14 Appendix A. Export Credit Guarantee Program and P.L. 480, Title I Commodity Mix during FY1992 and FY2002a Alcoholic Beverage Cottonseed Meat, Pork Offals Table Eggs Almonds Cottonseed Meal Meat, Poultry Tallow Animal Fat Blends Cottonseed Oil Meat, Processed Tree Nuts Animal Feed Products Coyote Skins Meat/bone Meal Utility Poles Aquaculture Feed Dairy Products Milk, Nonfat Dry Vegetable Oil Barley Distillers Dry Grain Mink Skins Veneer Barley Malt Feed Grains Oilseeds Wheat Barley, Malting Fish and Shellfish Peanut Oil Wheat Flour Beans, Dry Fruit Juice Peanuts White Corn Beef Meat Fruit Juice Concentrates Peas, Dry Whole Milk Powder Beverages Fruit, Canned Planting Seeds Wine Breakfast Cereal Fruit, Dried Planting Seeds Wood Products, Solid Butter Oil Fruit, Fresh Plywood Wood Pulp Cattle Hides Grain Sorghum Pork Meat Yellow Corn Cattle, Beef Breed Grease, Yellow Pork Offal Yellow Grease Cattle, Dairy Breed Grocery Items Poultry Meat Cattle, Slaughter Hides and Skins Protein Meals Cheddar Cheese Hops Pulses Chinchilla Skins Lambskins/sheepskins Raccoon Skins Condiments Leather Rice Corn Gluten Meal Lumber Snack Foods Corn Oil Lyocell Soup, Dehydrated Instant Corn Products Meat/Meat Products Soybean Meal Corn Starch Meat, Beef Soybean Oil Cotton Meat, Beef Offals Soybeans Cotton Fabrics Meat, Lamb Sunflowerseed Oil Cotton Yarn Meat, Pork Swine, Breeding Source: USDA. a This data represents commodities exported using GSM-102, GSM-103, SCGP, and P.L. 480, Title I credits during FY1992 and FY2002. Not all commodities were purchased both years nor were all programs used both years. CRS-15 Appendix B. Countries That Used Export Credit Guarantee Programs and P.L. 480, Title I, during FY1992 and FY2002a Asia China Malaysia Sri Lanka India Pakistan Taiwan Indonesia Papua New Guinea Thailand Japan Philippines Korea Singapore Central America and the Carribean Barbados Guatemala Panama Belize Guyana Trinidad & Tobago Costa Rica Haiti St. Lucia Dominican Republic Honduras St. Vincent & Grenadines El Salvador Jamaica Grenada Nicaragua Eastern Europe Bosnia Czech Republic Romania Bulgaria Hungary S. Balkans/Kosovo Croatia Poland Slovenia Former Soviet Union Belarus Lithuania Ukraine Estonia Moldova Uzbekistan Kazakhstan Russia Latvia Tajikistan North Africa and the Middle East Algeria Jordan Tunisia Egypt Lebanon Turkey Israel Morocco Yemen CRS-16 South America Argentina Colombia Suriname Bolivia Ecuador Uruguay Brazil Guyana Venezuela Chile Peru Subsaharan Africa Angola Gabon Nigeria Benin Gambia Rwanda Botswana Ghana Senegal Burkina Faso Guinea-Bissau Seychelles Burundi Guinea Sierra Leone Cameroon Kenya South Africa Cape Verde Lesotho Swaziland Central African Republic Liberia Togo Chad Mali Zambia Congo Mozambique Zimbabwe Cote d’Ivoire Nambia Eritrea Niger Western Europe Austria Greece Portugal Belgium Iceland Spain Denmark Ireland Sweden Finland Luxembourg United Kingdom France Netherlands Germany Norway Source: USDA. This data represents countries and regions that used GSM-102, GSM-103, SCGP, FGP, and P.L. 480, Title I credit during FY1992 and FY2002. Not all countries used all of these programs, nor did all of these countries use these programs in both FY1992 and FY2002. a