Global Food Trade in 2005 Term Paper

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The United States would most likely survive without global food trade because it exports more agricultural products (9.2%) than it imports (4.9%). (CIA - the world factbook) However, the country would be worse off because it would not be trading with the countries that have comparative advantage in producing certain agricultural products and certain products could become scarce and more costly or unavailable.

Food trade has important economic implications because it impacts Gross Domestic Product (GDP), the total market value of all final goods and services produced with a country. One of the components for calculating GDP is exports minus imports. Thus, when a country exports more food than it imports, it increases its GDP and when a country exports less than it imports GDP goes down.

The United States currently imports more than it exports.

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Estimates for 2007 show imports to be $1.987 trillion while exports were $1.14 trillion (CIA - the world factbook). In addition to agricultural products, U.S. imports in 2003 included industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), and consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys). Exports in the same year included industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, and consumer goods (automobiles, medicines) 15.0% (CIA - the world factbook)......

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