Weakening Global Economy Interrupts Agricultural Trade

The US and most foreign economies are now entrenched in what could be the worst economic downturn of the post-World War II era. US agricultural trade has not been immune to its effects -- import growth is slowing, and exports are on course to decline in 2009 after several years of exceptional growth...

Full description

Saved in:
Bibliographic Details
Published in:Amber waves 2009-06, Vol.7 (2), p.22-29
Main Authors: Gehlhar, Mark, Dohlman, Erik
Format: Article
Language:English
Subjects:
Agribusiness
agricultural economics
agricultural outlook and situation
agricultural products
Agriculture
American dollar
Competition
Developing countries
Economic conditions
Economic growth
Export-import trade
Food industry
Global economy
Industrywide conditions
International trade
LDCs
Recessions
trade
United States
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The US and most foreign economies are now entrenched in what could be the worst economic downturn of the post-World War II era. US agricultural trade has not been immune to its effects -- import growth is slowing, and exports are on course to decline in 2009 after several years of exceptional growth. A key indicator of the severity and breadth of the global recession is its impact on total world trade, which is expected to decline roughly 6% in 2009, according to Oxford Economics. Trade is being restrained not only by reduced incomes and demand but also by increased exchange rate volatility, which raises transaction costs. Until this recent reversal, the growth in US agricultural exports paralleled broader trends in global agricultural trade. Propelled by income growth and more open markets, global agricultural trade grew more than 50% between 2000 and 2006, with developing countries accounting for 60% of that growth.
ISSN:1545-875X
1545-8741
1545-875X