In some cases, prices have fallen to 30-year lows. The anguish and doubt among farmers in the United States is as great as I have seen during my time as Secretary. I know each of you faces similar problems with your own farmers and ranchers. The key lesson from the last four years is the critical significance of trade to our farm economy. Although boosting exports will not happen overnight and we cannot export our way out of today's crisis, we must look to overseas markets for the long term.
Agriculture is already more reliant on exports than other sectors of the economy as a whole.
This reliance is projected to grow. Accordingly, we need an open and fair trading system and reliable markets. Do not take my word for it, look at the facts. The true test came in late 1997 and 1998 when 40 percent of the economies in the rest of the world stumbled badly. We are not out of the woods yet, but we are seeing positive signs in Japan, South Korea, and Southeast Asia.