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Oil Leads the $5 Trillion Global Commodity Market

by Krystal

A recent chart from Visual Capitalist, created by Pallavi Rao, highlights the distribution of over $5 trillion in global commodity exports by sector and value. The data, averaged from 2019 to 2021, provides an annual estimate of these exports. For detailed figures, refer to “The State of Commodity Dependence 2023” published by the UN Conference on Trade and Development.

Top Commodity Exports by Value

Oil and its derivatives represent 30% of global commodity exports, with an annual value of $1.5 trillion.

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When adding natural gas, electricity, and coal, the energy sector accounts for 40% of global commodity export value, totaling $2 trillion per year. Agricultural exports, valued at $1.9 trillion, come in second, surpassing mineral exports, which are valued at $1.4 trillion.

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In the agricultural sector, crops and forestry dominate, contributing $1.2 trillion. This category includes exports such as wheat and wood. Conversely, the minerals sector is split between base metals (like copper, iron, and aluminum) and precious metals and stones (such as gold, silver, and diamonds).

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The chart does not show how commodity trade is concentrated in a few countries. For instance, Chile produced one-fourth of the world’s copper in 2023.

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This concentration means that major resource-exporting countries often rely heavily on commodity exports. Many of these nations are low- or middle-income countries. When international prices for their commodities drop, these countries face financial instability and reduced public spending, exacerbating their economic difficulties.

The value of oil exports aligns closely with its role as a primary energy source. For a closer look at global energy consumption, refer to “What Powered the World in 2023?”

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