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Economic Impacts of U.S. Agricultural Trade on the South

Economic Impacts of U.S. Agricultural Trade on the South. ORGANIZED SYMPOSIUM Southern Agricultural Economics Association 43rd Annual Meetings Program February 5-8, 2011 Corpus Christi, Texas. Impacts of Agricultural Exports on the South. Mechel Paggi

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Economic Impacts of U.S. Agricultural Trade on the South

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  1. Economic Impacts of U.S. Agricultural Trade on the South ORGANIZED SYMPOSIUM Southern Agricultural Economics Association 43rd Annual Meetings Program February 5-8, 2011 Corpus Christi, Texas

  2. Impacts of Agricultural Exports on the South Mechel Paggi Director, Center for Agricultural Business Flynn Adcock International Program Coordinator and Assistant Director Parr Rosson Professor and Extension Economist-International Trade and Marketing www.csufcab.com Director, Center for North American Studies Department of Agricultural EconomicsTexas A&M University http://cnas.tamu.edu

  3. Source: USDA, FAS, State Fact Sheets

  4. Source: USDA, FAS, State Fact Sheets

  5. Estimated Economic Impacts • Using 2008 Data for the Input-Output Model IMPLAN, Constructed a Model for the Southern U.S. • Input the Reported Southern U.S. Exports into the IMPLAN • Results includes the value of Output, Value Added, and Employment Required to Support the Exports • Direct Impacts Related to Exported Commodities • Indirect/Induced Impacts Related to Supporting

  6. Types of Economic Impacts • Employment: Total number of paid employees, including part time workers where part time workers are counted as full time equivalents • Output: The value of production or industry sales

  7. Types of Economic Impacts Value Added • In the context of IMPLAN, value added is very similar to gross domestic product (GDP). • It includes four components: wages, business income, other income, and indirect business taxes. Therefore, it accounts for the value of work, land, and capital. • For example, businesses purchase raw or intermediate products and repackage or transform them into new products to be sold to consumers. • The difference between the cost of the intermediate goods and the final product is the amount by which businesses have added value in production, and, hence, to the economy.

  8. Types of Economic Impacts Value Added 1. Wages. The sum of workers’ wages and salaries as well as benefits, including health and life insurance, gratuities, bonuses and retirement payments. 2. Business income. Income received by local businesses and the self-employed; it is also called proprietor’s income. Depending upon local economic conditions, between five and 15 percent of the earnings by individuals comes from self-employment. 3. Other income. These are payments to individuals in the form of rents received on properties, royalties from contracts, dividends paid by corporations, and profits earned by corporations. 4. Indirect business taxes. Federal, State and local excise, property, and sales taxes as well as taxes on other business-related activities or equipment, such as taxes related to motor vehicles.

  9. Economic Impacts Agricultural Exports United States, 2009

  10. Economic Impacts Agricultural Exports Selected Southern States Texas , 2009

  11. Economic Impacts Agricultural Exports Selected Southern States Florida , 2009

  12. Economic Impacts Agricultural Exports Selected Southern States North Carolina, 2009

  13. Economic Impacts Agricultural Exports Selected Southern U.S. States Output, Texas ($1,000)

  14. Economic Impacts Agricultural Exports Selected Southern U.S. States : Employment , Texas (Jobs)

  15. Economic Impacts Agricultural Exports Selected Southern U.S. States : Value Added , Texas ($1,000)

  16. Economic Impacts Agricultural Exports Selected Southern U.S. States Output, Florida ($1,000)

  17. Economic Impacts Agricultural Exports Selected Southern U.S. States: Employment , Florida (Jobs)

  18. Economic Impacts Agricultural Exports Selected Southern U.S. States : Value Added , Florida ($1,000)

  19. Summary & Conclusions • Agricultural Exports are an Important Source Of Income and Employment for the Southern Region • IMPLAN Analysis is a Good Way to Illustrate That Importance and is Easily Understood • In Communication with Stakeholders This Can Be a Valuable Tool

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