Before the industrial revolution most of the products we traded were in the field of agriculture, and though this type of trade is still hugely important to worldwide economies, we have come an awful long way, and products change hands in a lot of different ways which many years ago we wouldn’t even have thought possible. We’ve created a list of some of the most traded commodities in the world today and their variations.
- Crude Oil – it is no surprise that this is undeniably the most traded commodity, it makes the world go round, literally in many cases, and is needed in everything from transport to heating, and in huge quantities, the price of crude oil and its derivatives has a huge impact on the world.
- Coffee – perhaps this is more of a surprise, but one of the most commonly traded items out there is coffee, stemming from hot places all over the world, its popularity is growing all the time and the demand has led to it being a huge industry.
- Cocoa, Butter, Sugar and their derivatives, one of the most common food groups traded, everything from cocoa beans to products made using sugar like honey.
- Agricultural produce – still popular today of course as we still have to eat, products of an agricultural nature are still vitally important.
- Animal products – not only for meat but for other animal products such as leather, this is in the top 5 most traded commodities.
So there we have it, a list of some of the most widely traded items and the economic impact they have. If you have any more, leave your input in the comments below.