U.S. Exports, Farm Employment and Income Simulated under Alternative Export Demands, 1978

Manufactured goods represented the largest import group for the 1960-75 period. However, petroleum and petroleum products became a major import commodity in recent years. Imports of petroleum and petroleum products increased in value by 750 percent between 1970 and 1975. The growth in import of petroleum, a long with the overall growth in imports, has created a potential problem in the U.S. balance of payments. The nation has been fortunate to have large agricultural exports to balance against petroleum imports during the last several years