Listen to the audiio version of this update here.
IL Corn invites you to join us, the U.S. Grains Council (USGC), other sister farmer organizations and the International Trade Administration, a U.S. Department of Commerce agency that promotes U.S. exports, in celebrating World Trade Month this May.
Here are some fun facts about the coarse grains trade:
- A new analysis done for USGC and the National Corn Growers Association (NCGA) showed that the export of grain and grain products created more than $80 billion in economic output nationwide in 2014, supporting more than 370,000 jobs.
- 1 in 3 U.S. farm acres is planted for export and 31 percent of U.S. gross farm income comes directly from exports, accounting for more than $40 billion.
- The Trans-Pacific Partnership (TPP) will give U.S. ag improved access to 11 Pacific Rim markets that represent 40 percent of the global gross domestic product (GDP).
- The Transatlantic Trade and Investment Partnership (T-TIP) has the potential to boost U.S. trade with the European Union by more than $120 billion within 5 years, according to the U.S. Chamber of Commerce.
- According to the United Nations’ Food and Agriculture Organization (FAO), by 2040 global food demand will be 70 percent higher than today.
- China’s population is expected to reach 1.4 billion by 2030, which means even a small shift in food trends can create opportunities for ag exports.