Top 10 Most Traded Commodities in the World

Photo of author

Updated On

3. Corn

corn- most traded commoditiesWhat is a movie show without a bucket of popcorn? If you hail from a place like hilly region of the country Nepal, Asia, then it would be stupid to ask you about the importance of corns in your life. The major source of nutrition for an early child to the aged ones, it holds the key marks in daily essence. There may not be existence of different menus in most of the countries in the world; especially the third world countries. They love their barbecue corn and pop corns. Sometimes they do use the corns as a pristine diet while mixing it with the beans, nuts, and wheat together.

It is considered to be the most versatile of the vegetables grown. People have been growing corns for more than thousands of years. The importance of corn can be clarified from the fact that more than 80 million acres of land in U.S only is dedicated for the cultivation of it. It covers 70 % of the total supply of its demand. The demand for the corns is on rise over the decades.

2. Wheat

wheat- most traded commodities in the worldThe production of wheat started back when the civilization began. Due to the large scale production capacity and yielding a mass storage in for longer terms, the popularity of wheat increased. The high nutrition availability and the high protein content can be termed as the major contributor behind the rolling of human civilization back then. The wheat is basically involved in producing the flour, desserts, bakery, breads and cereals. Can we dislike having them in our menus?

It is one of the most traded commodities as it is estimated that more than 880 million tons of wheat will be consumed annually by 2050. Most of the wheat consumed in the world comes from china, India, United States, France and Canada.

1. Cotton

cotton- most traded commoditiesWe needn’t go far to see what amount of cotton is being bought and sold. Go check your wardrobe; I’m sure most of your clothes are cotton made. Cotton production accounts 2.5 % of the total yielding land of the world. It is estimated that, about 25 million tons of cotton is produced annually to meet with the market demand. Cotton dates back more than 7000 years when it was first laid an eye on. It has been extensively used since then for clothing, cosmetics and even in medicals. However, the use of cotton as the fiber to produce clothes is in mass quantity than the use of it in others. The clothes made from it tend to be more comfortable and light to wear appealing a huge production of it for the significant use for the clothes production. That’s why cotton holds the prior space in the most traded commodities across the world.

China is the largest producer of the Cotton accounting 26 % of the total production, while India ranks second with 22 % and other nations like Brazil and Pakistan also hold the top position in exporting the Cotton in the world market.

However, the production of Cotton has declined drastically over the years leading in the inadequate supply of cotton which has significant effects to the economy as it is the raw input for the clothes production.

Conclusion

These commodities have occupied an important part of commodity market. Most of them have a heavy influence world economy. The most traded commodities might differ according to which region of the world you belong to, but these are the most traded ones in the whole world. These top 10 commodities trades comprise the world’s market alongside other commodities. The countries maintain imports and exports of each of the commodities essential to them for maintaining the economy which is important for the sustainability and smooth operation of the economy.

Spread the love

1 thought on “Top 10 Most Traded Commodities in the World”

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.