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[Commodity Trade Situation ]

The disturbances in the prices of food and energy caused by the Ukrainian war could last for years

The war in Ukraine has caused a major shock to commodity markets, altering global patterns of trade, production and consumption in such a way that prices will remain at historically high levels until the end of 2024, according to the latest edition. recent World Bank Commodity Markets Outlook report.

“Taken together, this represents the largest commodity crisis we have experienced since the 1970s. As it was then, the crisis is exacerbated by increased restrictions on trade in food, fuel and fertilizers.”

The increase in energy prices in the last two years has been the most pronounced since the 1973 oil crisis. The rise in the prices of food staples – of which Russia and the Ukraine are major producers – and of fertilizers , in whose production natural gas is used as an input, has been the most marked since 2008.
“Taken together, this represents the largest commodity crisis we have experienced since the 1970s. As it was then, the crisis is exacerbated by increased restrictions on trade in food, fuel and fertilizers.”

“These events have begun to raise the specter of stagflation. Policymakers must seize every opportunity to raise economic growth in their countries and avoid taking actions that cause damage to the global economy.”
Energy prices are expected to rise more than 50% in 2022 before fading in 2023 and 2024.

Likewise, non-energy prices, including those of agricultural products and metals, are expected to increase by almost 20% in 2022 and also moderate in the following years. Nonetheless, commodity prices are projected to remain well above the most recent five-year average. Should the war continue or additional sanctions be applied to Russia, prices could rise even higher and show more volatility than currently anticipated.

5 Largest Agricultural Exporters in the World in 2021

The year 2021 was not easy, with so many economic, political and social uncertainties, added even more to the Covid-19 pandemic, it was a year of great challenges for the whole world.
However, it was also a year in which trade relations between several countries had an excellent performance, especially in the area of agricultural exports.

1. United States – $118.3 billion

In first place are the United States.
Due to its continental extension, the country is also one of the largest agricultural producers in the world and, added to the fact that it is one of the largest economies, the reason for its position at the top of the list is justified.
The United States stands out in the export of soy, corn and wheat commodities.

2. Netherlands – U$ 79 billion

In second place is the Netherlands, with US$79 billion worth of exports in 2021.
The interesting thing about its position on this list is the fact that the Netherlands has a small territorial space, compared to the United States (first place).
What justifies this position are the types of products exported by this country.
The Netherlands is responsible for half of the planet’s flower and plant exports (which, in turn, have a high monetary value), in addition to being the world’s leading supplier of tomatoes and peppers.

3. Germany – $70.8 billion

For those who follow the activities of the world market of world imports and exports in recent years, it is not a big news that Germany is in third place on this list.
The country has seen an increase in foreign trade activities in the last ten years, with no projected slowdown or stagnation.
In the agribusiness sector, Germany stands out in the export of wood, especially to China.

4. France – U$ 68 billion

France is one of the largest exporters in the world, not only in agribusiness, with Spain, Italy, Germany, the United Kingdom and Belgium as its main trading partners.
Its agricultural activities mainly involve wheat, corn, potatoes, grapes, apples and sugar beet, and it stands out in the export of wines, given the great culinary tradition of the country.

5. Brazil – U$55.4 billion

Brazil, obviously, was not left out.
It is not today that Brazil has been standing out in the commodity export market.
In 2020 alone, agribusiness represented more than 20% of the country’s GDP. This, in turn, represents half of Brazil’s exports.
The main export products of Brazilian agribusiness are soy and beef.

World Ranking of Production and Exports of Principal Commodities

World's Largest Producers

World's Largest Exporters

1°

2°

3°

1°

2°

3°

Soybean

Corn

Sugar

Coffee

Beef

Poultry

Porcine

Rice

Wheat

Cotton

Salmon

Soybean Meal

Soybean oil

Olive oil

Peanut

References

Argentina

Australia

Bangladesh

Brazil

Canada

China

Chile

Colombia

European Union

Grece

India

Nigeria

Norway

Portugal

Russia

Spain

Thailand

United Kingdom

USA

World's Largest Exporters including all Economic Sectors

1) China – $2.654 trillion

China is the largest and largest exporting country in the world. With the US in second place, China had to be somewhere close considering the trade war they are currently having. China is also known for being the manufacturing hub for technology products. The high supply and low cost of labor provide a competitive advantage in the international market. In fact, this aspect convinced many important companies, such as Apple and Samsung, to set up their factories in China. Its main trading partners are: Australia, India, South Korea, the United States, Germany and the United Kingdom. Recorded export sales through October were $2.654 trillion.

2) United States – $1.803 trillion

United States comes in second place and is one of the largest economies in the world. The US is blessed with many natural resources that contribute to improving its exports. In addition, this mighty country has the taste of some of the biggest companies in the world, such as Google, Facebook, Microsoft and Apple. Its main export areas are consumer goods, capital goods, beverages, animal feed, automobiles, auto parts, aircraft, fuel and petroleum products and related components. Its main trading partners are: China, Canada, Japan, United Kingdom, Mexico and India. The country’s exports through October recorded $1.803 Trillion.

3) Germany – $1.432 trillion

Germany comes in third, Germany has been experiencing growth for about a decade. Also, looking at their latest recorded export sales of $1,432.7 trillion, they seem unwilling to slow down. Germany is also known as one of the biggest luxury car manufacturers. Their vehicles have a 19% discount on all exports they make. The country exports products such as electronic products, motor vehicles, chemical products, machinery, among others. Its biggest exporting partners are: Austria, China, United Kingdom, Switzerland, Belgium and Italy.

4) Japan – $788.3 billion

Next up is another Asian country, Japan. Even after getting involved in a war with the US, Japan never stopped growing. In fact, they managed to become the 2nd largest exporter in Asia. In addition, they are known to be the third largest car manufacturer in the world. Japanese vehicles are supplied to many nations. Its biggest importers are the US, as they receive 20% of all exports.

5) South Korea – $720.6 billion

South Korea is known for being the fifth largest exporter in the world, considering its performance over the past two years. There was a time when South Korea was a developing country. However, its investment in the technology and machinery industry has helped it to become the 4th largest economy in Asia, and 50% of South Korea’s GDP comprises of its exports. The country’s main exports are: wireless telecommunications equipment, semiconductors, computers, motor vehicles, petrochemicals and ships. Its main partners are the United States, Japan and China.

6) Netherlands – US$ 601.1 billion

In seventh place comes the Netherlands, the high PER Capita income makes the Netherlands a rich country, it is the 17th largest economy in the world and although the country’s economy is hit by the intense global financial crisis, it still has a very good reputation when it comes to exports. . The main export areas are: chemical products, machinery, equipment and food products. The main export partners of the Netherlands are France, Germany, Belgium, the United Kingdom and Italy.

7) Hong Kong – 591.9 billion

Hong Kong is the 33rd largest export economy in the world and the 38th most complex economy according to the Economic Complexity Index (ECI). Hong Kong’s main exports are Gold (including platinum gold), in unwrought or semi-manufactured forms, or in powder form, Transmitting apparatus for radiotelephony, radiotelegraphy, radio broadcasting or television, whether or not incorporating reception apparatus or recording apparatus or sound reproduction; television cameras; video cameras of still images and the, Integrated circuits and electronic micro assemblies, among others. Hong Kong’s main export destinations are China, Thailand, Other Asian Countries, India and Vietnam.

8) Italy – $586.2 billion

Italy comes in eighth place, it is a diversified and highly developed industrial economy, its main exports are textiles, clothing, engineering products, chemical foods, among others. Its main customers are the United Kingdom, France, Germany, Spain, the United States and Switzerland.

9) France – $577.8 billion

France is the fifth largest economy in the world, the main exported commodities are: machinery, transport equipment, aircraft, plastics, chemicals, steel and pharmaceuticals. Its main commercial partners are: Spain, Italy, Germany, United Kingdom, Belgium, among others.

10) United Kingdom – $499.3 billion

We cannot fail to mention the United Kingdom, which is in the tenth position of the largest exporters in the world. Its GDP is the 5th largest in the world in terms of purchases and nominal equality of energy, its main exported products are: supplies, manufactured goods, tobaccos, chemicals, food and beverages. Its main trading partners are Germany, France, the Netherlands, Belgium and the Republic of Ireland.