Associate Professor/Crop Marketing Specialist 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 1 1

World Corn Production Source: USDA-WAOB 2 2

World Soybean Production Source: USDA-WAOB 3 3

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”

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

Iowa’s Economy

Links to Manufacturing Farm Machinery

Links to Government Dept. of Ag.

Links to Real Estate Farm Leases

Links to Finance and Insurance Crop Insurance

Links to the Rest of the Economy

Source: USDA-FAS

Source: USDA-FAS

Source: USDA-FAS

Source: USDA-FAS

Value of Ag Trade Source: USDA-FAS

U.S. Ag Exports Source: USDA-FAS

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

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

Population growth 2017 to 2050 Source: World Bank

Economic growth rates Source: CIA World Factbook

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

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

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

Arable Land

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Thank you for your time. Any questions. My web site: http://www2. econ 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/