What is it about?
The study explores the pattern and trend on global dairy trade and changes resulting from globalization being introduced under the auspices of the WTO. The results suggest that WTO has failed to increase the growth pace of value of world dairy trade and to reduce the world dairy markets volatility. The study finds that global dairy trade has been dominated by developed countries. Developed countries are net dairy exporters. Conversely, developing and least developed countries are net dairy importers. During the post-WTO phase, the least developed countries’ dairy trade deficit has expanded significantly. Developing world has been the largest producer as well as consumer of dairy products. Given thinness and increasing volatility of world dairy markets, it would be prudent for developing countries to increase the investment in the dairy industry for enhancing the growth pace of dairy products to meet their faster-growing demand.
Why is it important?
To the best of our knowledge, this is the first study of its kind analyzing world trade in dairy products by a grouping of participating countries based on the level of their economic development.
Read the Original
This page is a summary of: Globalization and World Dairy Trade: An Assessment, The Journal of World Investment & Trade, January 2012, Brill, DOI: 10.1163/221190012x621544.
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