The specifics of selected agricultural commodities in international trade
Peter Čajka and
Agricultural and Resource Economics: International Scientific E-Journal, 2021, vol. 7, issue 2
Purpose. This paper evaluates the involvement of three selected agricultural commodities (rice, coffee and soya) in international trade. The aim is to analyze the specification of foreign trade in selected commodities and assess their different significance between representations in domestic markets and exports. This article will also assess other contexts related to international trade in these three commodities, including the negative effects on their trade. Based on the set goal, a research question was asked which evaluates the different position of the examined agricultural commodities on world export markets in relation to domestic consumption. Methodology / approach. The theoretical anchoring of the issue under study are the approaches taken to international economic relations with the emphasis on the specific features of agricultural trade. The methodological framework of the present study is based on the systematic analysis of the spatial distribution of production capacities, the territorial analysis of exports and imports within the world agricultural market and qualitative evaluation of the specifics of selected export commodities and their role in the economy of countries, including labour market importance and in the possibilities of their use. Results. The paper presents the results of the involvement of the rice, coffee and soya in international trade analysis. Most rice production is consumed on domestic markets. Unlike rice, most of the coffee produced is exported and less is consumed within the growing countries themselves. Although domestic coffee consumption is increasing, more than 70% of world production is exported. Soya bean production has increased significantly over the past 50 years as a result of the rising demand for animal feedstuff and biofuels. Almost three quarters of soya bean production is consumed as feedstuff. Originality / scientific novelty. The main contribution of the article is in the application level the elaboration of a comparative view of three selected agricultural commodities. At the theoretical level of the study, it represents a contribution to the discussion within the approaches to the organization of global agricultural trade, the interdependence of economic policies of states, trade ties and the impact on labour markets in relation to production. Agricultural commodities remain an important item in world international trade. However, their share in the total volume is gradually declining. They play an important role in the maintenance of individual countries, but at the same time they are of great economic importance, although we can also mention the less positive aspects of their production, including their impact on the environment. At the same time, it is necessary to realize that this sector is essential for human survival and also that agriculture is important from the point of food security for the population, which can contribute to and increase the level of agricultural protectionism (resilience to world market disruptions or uncontrolled import of genetically modified (GM) food and the transmission of animal diseases). Agriculture is one of the most sensitive economic sectors in the world. Nevertheless, agricultural exports have several economic benefits, including stimulating a wide range of agricultural-related industries, transport suppliers, processing and farm inputs. Practical value / implications. The production of agricultural commodities is of great importance to the economies of individual states, where it contributes to the creation of direct, indirect and induced jobs. The agrarian sector is a key sector, especially for less developed countries. The analysis confirmed the high tradability of all commodities examined and is documented by their involvement in the international division of labour in the global projection.
Keywords: Agribusiness; International Relations/Trade (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:areint:313626
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