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YFR Discussion Meet: Capitalizing on Growing Global Demand for Agricultural Products

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YFR Discussion Meet: Capitalizing on Growing Global Demand for Agricultural Products

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    1. YF&R Discussion Meet: Capitalizing on Growing Global Demand for Agricultural Products Veronica Nigh Economist American Farm Bureau Federation October 25, 2011

    2. Question How do we capitalize on the growing world demand for agricultural products?

    3. Why We Trade

    4. Corn and Cattle and Wheat Oh My!

    5. Where is the Demand Coming From? Developing countries now account for more than half of all U.S. agricultural exports Mexico and China are two major markets for U.S. agricultural exports, and countries such as India, Indonesia, and Colombia are becoming important export destinations. Among the large number of developing-country trading partners, 16 low- and middle-income countries account for 37 percent of U.S. agricultural exports, up from 15 percent in 1990. Since 1990, the average growth of U.S. exports to low- and middle-income countries countries has exceeded 10 percent annually. Average annual growth in U.S. exports to high-income countries was just 2.4 percent during that period.

    6. International Consumer Trends Consumer food expenditures in recent years indicate a shift toward consumption of higher value food products across all income levels. As income grows, consumers in lower income countries shift their food purchases away from carbohydrate-rich staple foods toward more expensive sources of calories, such as meat and dairy products. Increasing usage of modernized food system, such as supermarket and fast food restaurants. Although economic growth and prices are closely monitored drivers of food demand, demographic changesurbanization, growth in populations, and changes in the age structure of populationswill likely have more profound long-term implications for the regions food system. InIn

    7. Customers

    8. Changes in Global Trade Flows

    9. Trade Facilitation Transaction costs Tariff and non-tariff costs Transport costs Time costs

    10. Integration

    11. Integration

    12. Tariff and non-tariff costs

    13. Transportation

    14. Transportation: Containerization

    15. Average Customs Clearance Time (Days)

    16. An Example of Success Beef and Pork Byproducts: Enhancing the U.S. Meat Industrys Bottom Line A $1 increase in the value of byproducts to processors adds about 10 cents to the average price paid per hundredweight to producers of fed steers. Over the past 10 years, byproducts accounted for more than 35 percent (volume) of U.S. beef and veal exports and 23 percent (volume) of U.S. pork exports. Together, edible beef/veal and pork byproduct exports account for more than 16 percent of the value of total U.S. beef/veal and pork exports.

    17. Thank You! Veronica Nigh Email: veronican@fb.org Phone: (202) 406-3622

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