What the 2008/2009 World Economic Crisis Means for Global Agricultural Trade
by May Peters, Mathew Shane, and David Torgerson
Outlook No. (WRS-09-05) 32 pp, August 2009
The global economic crisis that started in late 2008 has led to a sharp curtailment of international trade, including a short-term decline in the value of global agricultural trade of around 20 percent. After slowing, global agricultural trade will continue to grow in the future. The crisis is leading to a realignment of exchange rates, and the ultimate resolution of the crisis will depend on adjustments in the exchange value of the U.S. dollar. The U.S. agricultural sector would benefit from a depreciating dollar, which results in high export earnings, high agricultural commodity prices, increased production, and increased farm income.
Keywords: World economic crisis, international agricultural markets, international agricultural trade, agricultural imports, agricultural exports, world economic growth
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