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TRADIN
G FAVORIT
ES
GRADES 7-1
2
Why would you consider trading something you have for something someone else has?
Why do countries trade with one another?
AN ABSOLUTE ADVANTAGE :
A county or countries that produce goods that other countries cannot produce themselves has an Absolute Advantage in trade.
A COMPARATIVE ADVANTAGE:
When one country can produce a product or service more efficiently than other countries, they hold a comparative advantage.
COMPETITIVE ADVANTAGE:
A market may be created based on a real or perceived advantage. Real differences may be difficult, if not impossible to detect. This perceived advantage gives a country a competitive advantage.
FACTORS THAT INFLUENCE TRADE
Climate and SeasonsEconomic reasonsGeographic proximityConsumer demandsCultural PracticesResource availabilityResearch and technologySevere natural and ecological
events
2011 Top Ten Agricultural Export Partners
1 Canada 18.9 Billion
2 China 18.8 Billion
3 Mexico 18.4 Billion
4 Japan 14.1 Billion
5 European Union-27 9.6 Billion
6 Korea, South 7.0 Billion
7 Taiwan 3.6 Billion
8 Hong Kong 3.3 Billion
9 Indonesia 2.8 Billion
10 Turkey 2.5 Billion
2011 TOP AGRICULTURAL IMPORT PARTNERS1 Canada 18.9 Billion
2 European Union-27 16.1 Billion
3 Mexico 15.8 Billion
4 Indonesia 4.3 Billion
5 Brazil 4.1 Billion
6 China 4.0 Billion
7 Australia 2.3 Billion
8 Chile 2.3 Billion
9 Colombia 2.3 Billion
10 New Zealand 2.0 Billion
TOP 25 EXPORT COMMODITIES/PROCESSING LEVEL1.Soybean Bulk
2.Corn Bulk
3.Wheat – unmilled Bulk
4.Cotton Ex Linter Bulk
5.Other Feeders & fodder Semi-processed
6.Pork Fresh/Frozen Processed HVP**
7.Beef & Veal Fresh/Frozen Processed HVP
8.Misc Horticulture Products Processed HVP
9.Chickens Fresh/Frozen Processed HVP
10.Other Grain Products Processed HVP
** HVP – High Value Product
TOP 25 EXPORT COMMODITIES/PROCESSING LEVEL
11.Soybean Meal Semi-processed HVP
12.Almonds Raw
13.Rice-Paddy Milled Bulk
14.Other Veg Oils/Waxes Semi-Processed HVP
15.Related Sugar Products Semi-processed
16.Essential Oils Processed HVP
17.Nonfat Dry Milk Processed HVP
18.Other Dairy Products Processed HVP
19.Seed Field/Garden Processed HVP
20.Beverages Excluding Juice Processed HVP
21.Other Veg Products Processed HVP
22.Soybean Oil Semi-Processed HVP
23.Wine Processed HVP
24.Chocolate Processed HVP
25.Bovine Hides – Whole Semi-Processed HVP