The value of agricultural exports rose to a record level in the fiscal year that ended in September 1996. At $59.8 billion, exports were a tenth higher than the previous year and over a third larger than two years earlier. Sales of bulk commodities registered extraordinary gains, but high-value (HV) products also contributed to the expansion. The increase in agricultural exports more than offset rising imports, and the net trade surplus for agriculture moved up to a record high. For the current fiscal year, a decline in exports of bulk commodities is expected to offset continued gains for HV products and pull the value of agricultural exports lower.