Thursday, June 19, 2008

Surprising Factoid of the Day--the French Export Food [Updated]

From the CAP Health Check (the blog on EU ag policy):
The UK runs a large trade deficit in food and agricultural products, at around 22 billion euros or 13 per cent of GDP (see table below). This makes global food price increases especially damaging for reasons that I’ll explain below. By contrast, France runs a trade surplus in food of almost 5 per cent of GDP.

I'm too lazy to check, but I doubt the U.S. surplus is that big.

[Updated: Turns out the French export more wine than we do soybeans or corn and the Brits export more beer/ale. (2004 figures). And our 2008 exports are only $91 billion (record high value) but that's tiny compared to GDP/GNP of $14 trillion. That differential explains why the French do more for their farmers than we do for ours--the agricultural sector is much more important.)

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