The Next-11 and the BRICs: Are They the Future Markets for Agrifood Trade?

Alexander P. Cairns and Karl Meilke

No 122737, Working Papers from Canadian Agricultural Trade Policy Research Network

Abstract: In the mid-2000’s, Goldman Sachs identified two groups of emerging economies known as the BRICs and the Next-11. Primarily selected on the basis of having large populations, these countries were heralded as the growth centres of the future with the potential to stimulate increased demand for a wide range of commodities, including food. This study uses an import demand model to estimate how income influences per capita expenditure on agrifood imports in 63 countries. The findings suggest that as groups the BRICs and N-11 do not di↵er from other low, middle, or high income countries with respect to their import behaviour. However, disaggregation of the two groups reveals significantly larger expenditure elasticities for China, India, South Korea and Vietnam. A forecasting exercise reveals the capacity of income and population growth in China, India, Indonesia, Russia, South Korea and Vietnam to substantially increase their expenditure on imported agrifood products.

Keywords: Agricultural and Food Policy; Demand and Price Analysis; International Relations/Trade (search for similar items in EconPapers)
Pages: 39
Date: 2012-04
New Economics Papers: this item is included in nep-agr, nep-int and nep-sea
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Citations: View citations in EconPapers (2)

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Working Paper: The Next-11 and the BRICs: Are They the Future Markets for Agrifood Trade? (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:catpwp:122737

DOI: 10.22004/ag.econ.122737

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