Since the dawn of time, different societies have been trading with one another. In today’s world, millions of transactions take place between the countries of the world to supply each other what they need to meet their demand. Here are the top ten most traded commodities in the world:
Nearly everything we wear is made out of cotton. It is one of the oldest known fibers on the planet and has been used in clothing since antiquity. Having been traded for thousands of years, cotton remains one of the world’s top commodities. The largest producers of cotton are China, India, and the United States respectively.
Wheat is an essential source of food around the world. It is involved in the production of cereal, bread, numerous desserts, and of course flour. The world’s reliance on wheat makes it an essential commodity. The largest producers of what are China, India, and Russia.
Corn is widely considered to be one of the most versatile agricultural crops. The demand for corn around the world has been steadily increasing over the last decade. With the advent of biofuels, corn has become an even more important commodity, so much so that the United States has over 80 million acres dedicated to its production.
Extracted from sugar cane, sugar is traded in just about every country in the world. By 2030, the annual consumption of sugar will exceed 257 million tons.
Unlike fiat currency, the value of silver is not controlled by world governments. Silver has historically been a very safe investment and many people rely on silver to add stability to their investment portfolios. In addition to its aesthetic usage, silver is used in high precision medical equipment and other industrial processes.
Brent oil is oil taken from the North Sea and Norway. It is used most widely throughout Europe and Africa. Its important, however, is a bit more far reaching as its price also helps set the price of crude.
Throughout history gold has always been a valuable commodity and was the currency de facto of many societies. Currently it s a popular commodity with investors as its value has been steadily increasing over recent years.
Despite recent efforts to move toward renewable energy resources, natural gas still remains an essential commodity. Natural gas is used for everything ranging from cooking, to heating, to lighting our homes. Currently the United States and Russia are the two largest producers of natural gas in the world. Over 3 trillion cubic meters of natural gas is produced around the world on an annual basis.
With over 2.25 billion cups of coffee consumed worldwide on a daily basis, it is no wonder that coffee is such a highly traded commodity. The United States and Europe are the two top consumers of coffee with most of its production originating in South America and Africa.
Crude oil is the most traded commodity in the current world market. It is the primary source of fossil fuels and supplies the modern world with its energy needs. The largest producers of crude oil are Saudi Arabia, the United States, and Russia.