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Iowa’s Role in Agriculture and International Trade: Why Tariffs and Trade Agreements Matter

Iowa’s Role in Agriculture and International Trade: Why Tariffs and Trade Agreements Matter. Aug. 29, 2018 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate.edu 515-294-9911. World Corn Production. Source: USDA-WAOB. World Soybean Production. Source: USDA-WAOB.

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Iowa’s Role in Agriculture and International Trade: Why Tariffs and Trade Agreements Matter

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  1. Iowa’s Role in Agriculture and International Trade: Why Tariffs and Trade Agreements Matter Aug. 29, 2018 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate.edu 515-294-9911

  2. World Corn Production Source: USDA-WAOB

  3. World Soybean Production Source: USDA-WAOB

  4. Iowa’s state export rankings, 2016 # 2 Soybeans $3.113 billion # 1 Pork $1.999 billion # 1 Corn $1.747 billion # 1 Feeds $1.321 billion # 2 Soybean meal $557 million # 2 Vegetable oils $390 million # 4 Beef $384 million # 2 Hides $237 million # 12 Dairy $113 million Source: USDA Economic Research Service, “State Export Data”

  5. Iowa’s top 10 manufactured exports, 2016 1. Tractors $633 million 2. Herbicides 365 million 3. Aircraft engines/parts 262 million 4. Aluminum alloy plates 209 million 5. Nucleic acids and salts 164 million 6. Special purpose vehicles 157 million 7. Track-laying tractors 141 million 8. Front-end shovel loaders 116 million 9. Medical instruments 102 million 10. Refrigerating equipment 101 million Source: http://www.census.gov/foreign-trade/statistics/state/data/ia.html

  6. Iowa’s Economy

  7. Links to Manufacturing Farm Machinery

  8. Links to Government Dept. of Ag.

  9. Links to Real Estate Farm Leases

  10. Links to Finance and Insurance Crop Insurance

  11. Links to the Rest of the Economy

  12. Source: USDA-FAS

  13. Source: USDA-FAS

  14. Source: USDA-FAS

  15. Source: USDA-FAS

  16. Value of Ag Trade Source: USDA-FAS

  17. U.S. Ag Exports Source: USDA-FAS

  18. Why do U.S. farmers need export markets? • That’s where the customers are • That’s where the economic growth is • That’s where the consumption growth is • We produce surpluses • We only eat high on the hog • Exports are crucial to farm income

  19. 96% of the world’s population lives outside the US Source: CIA World Factbook

  20. Population growth 2017 to 2050 Source: World Bank

  21. Economic growth rates Source: CIA World Factbook

  22. Top ten US ag export markets, 2016 Source: US Census Bureau, Foreign Trade Statistics, FATUS export aggregations

  23. Top 10 ag exporting states, 2016 Source: USDA Economic Research Service, “State Export Data”

  24. Population vs. arable land Share of global Share of global population arable land China 19% 5% India 17% 10% US 4% 13%

  25. Arable Land

  26. Want to provide feedback on my presentation?https://www.surveymonkey.com/r/ChadHart

  27. Thank you for your time!Any questions?My web site:http://www2.econ.iastate.edu/faculty/hart/Iowa Farm Outlook:http://www2.econ.iastate.edu/ifo/Ag Decision Maker:http://www.extension.iastate.edu/agdm/

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