The global commodity trade is dominated by a few key sectors and commodities. Energy, particularly petroleum products, accounts for the largest share of exports, contributing to a total value of $2 trillion annually. Agriculture and minerals follow closely behind, each contributing around $1.9 trillion and $1.4 trillion, respectively.
Image source: Visual Capitalist
Breakdown of Top Commodities:
Concentration and Economic Implications:
The commodity trade is concentrated in a few countries, which can lead to economic challenges for those heavily reliant on exports. A decline in international prices for these commodities can negatively impact financial stability and public spending in these regions.
Source: Visual Capitalist