MAY IS WORLD TRADE MONTH
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.