Oil Dominates the $5 Trillion Global Commodity Market

August 31, 2024 by admin

By ZeroHedge – Aug 26, 2024, 2:00 PM CDT

Oil and its items represent 30% of international product exports, valued at $1.5 trillion every year.
The energy sector, consisting of gas, electrical power, and coal, contributes 40% to the worth of international product exports.
Agricultural exports, valued at $1.9 trillion, rank 2nd just to energy, with crops and forestry leading the classification.

This chart, through Visual Capitalist's Pallavi Rao, classifies over $5 trillion in international product exports by sector and the worth of product exported.

Information was balanced in between 2019– 2021 to represent a yearly price quote. Source figures can be discovered at The State of Commodity Dependence 2023 released by UN Trade & & Development.

Product Exports with the Highest Value

Oil and its items represent 30% of worldwide product exports usually, valued at $1.5 trillion yearly.

Figures rounded.

When consisting of gas, electrical power, and coal exports, the energy sector contributes 40% to the worth of worldwide product export each year ($2 trillion). Agricultural exports ($1.9 trillion) rank 2nd and are greater in worth than mineral exports ($1.4 trillion).

Within farming, crops and forestry has the lion's share of worth at $1.2 trillion. This classification consists of whatever from wheat to wood exports.

The minerals sector is more similarly divided in between base metal exports (like copper, iron, and aluminum) and valuable metals and stones (gold, silver, diamonds).

Not envisioned in this graphic is how worldwide the product trade tends to focus in simply a couple of nations on the exports side. One-fourth of all copper produced in 2023 came from Chile.

The other side of this suggests a few of these significant resource exporters have a considerable quantity of product reliance. And relatedly, much of them are low or middle earnings nations. When worldwide rates for the product exported decrease, the probability of monetary crises and decreased public costs boosts, even more entrenching financial obstacles in these areas.

Oil's export worth carefully mirrors its intake as a main energy source. Take a look at “What Powered the World in 2023?” to see the world's energy mix.

By Zerohedge.com