The Agricultural Situation in the Far East and Oceania: Review of 1972 and Outlook for 1973

Drought reduced agricultural output in most countries in the Far East and Oceania during 1972. India, Thailand, and Australia showed the largest decreases in agricultural production, while Japan and Taiwan made sizable gains. Per capita food production declined in all but four countries. Rice production in the Far East totaled 103 million tons, down 8 percent from the 1971 level. India's rice output dropped 13 percent to 37 million tons. Record yields enabled Japan's rice production to sharply increase. U.S. agricultural exports to the Far East and Oceania totaled $2.96 billion in 1972, up 22 percent from the previous year, while U.S. agricultural imports from the region increased 9 percent to $ 1.65 billion. World monetary realignments should enable U.S. farm exports to the Far East and Oceania to expand in 1973