Our focus today is on the Top 10 Most Traded Commodities in the World. these commodities are considered to be any item that has value. These commodities are highly consumed and used in large quantities and that is the reason for their high demand across the world. we have identified the commodities that are most traded in the world today, journey with us to find out also.
Top 10 Most Traded Commodities in the World
The commodities listed here is based on their high demand because of their importance in everyday endeavours. Not to bore you with too much discourse, check below the Top 10 Most Traded Commodities in the World.
1. Crude oil
It is not a surprise that crude oil occupies the first spot on our list. Crude oil is one of the world’s most demanded commodities because it can be refined into products such as petrol, diesel and lubricants, along with many petrochemicals that are used to make plastics.
Despite a fall in price and possibly demand, there is still a pressing demand for sources of energy and fuel.
Major producers of Crude oil are Saudi Arabia, Russia, United States, Angola, Nigeria, Canada, and China.
Coffee appears here as the next most traded commodity in the world. this is also not a surprise to us especially considering the large amount of coffee consumed on daily basis. Coffee is traded internationally and a lot of products are made from it.
Major producers of coffee are Mexico, Brazil, Vietnam. Colombia, and Indonesia.
3. Natural Gas
Natural Gas is occupying the third spot on our list of Top 10 Most Traded Commodities in the World. this is so because of its high demand been used as a source of energy and fuel used for almost everything.
Despite the growing efforts to diversify towards renewable energy resources, natural gas remains one of the most highly traded commodities in the world.
Major producers of natural gas are the United States, Iran, Russia, and Qatar.
Gold is a precious metal that has continually been highly sought after for millennia, due to its metallic yellow colour and sheen. It is mainly used for producing Jewelry and as an asset for investment. Also, it is used in industry because it is highly resistant to most chemical reactions and conducts electricity.
Gold is deemed one of the most popular investments because of its long-standing history and stability in the commodity market. More so, there has been an increasing value of this element among investors.
Major producers of this metal are China, Australia, Russia are the top three. Others are United States, Canada, Peru, Indonesia, Ghana, South Africa, Mexico, among others.
Read Also: Top 10 Best Currencies to Invest In For 2021
5. Brent Oil
Brent crude oil is one of the two major types of oil used as a yardstick for global prices, the other is the West Texas Intermediate (WTI). Brent crude oil is a high-quality oil with a low sulphur content and density. This makes it relatively easy to refine into usable end products.
Brent oil is drilled from oil fields in the North Sea’s Brent, Oseberg, the Forties and Ekosfisk fields, that is off the shores of the United Kingdom and Norway.
It is because of its proximity to the coast that makes it relatively cost-effective to transport internationally.
Coming in at the sixth spot is Silver, a highly sought after as a precious metal. Silver is widely used in the manufacture of solar panels and photographic films. Silver is like the twin of gold, as they are similar but have their disparities. However, the deposits of silver are bigger than those of gold, which makes it much cheaper. Also, people opt for gold over silver because it is more reliable and of more value.
Major producers of this element are Mexico, Peru, China, Russia, Poland, Chile, Bolivia, Australia, United States.
Taking us further in our discussion at the seventh spot is Corn, one of the most versatile agricultural products and an important food source for most people, it is also used in animal feed production as well as ethanol. More so, since the dawn of biofuels, there has been an increase in the demand for corn over the last decade.
However, because it is an agricultural product, its production can be affected due to varying reasons such as bad weather, climate change, pest invasion, among others.
Major producers of corn around the world are Argentina, Brazil, China and the US, etc.
Sugar is another highly traded commodity in the world occupying the eighth spot on our list of Top 10 Most Traded Commodities in the World. This sweet item is extracted from sugar cane, and it is traded in almost every country in the world. Major producers of sugar around the world are Brazil, India, the EU, China, and Thailand.
Wheat encompasses a variety of food products such as cereal, bread and flour, making it an indispensable commodity because the world relied on wheat. Also, it is an essential source of food around the world which further increase its demand.
Major producers of wheat around the world are India, China, and Russia, the United States, etc.
Cotton has been an ancient traded commodity in the world because of its importance in the textile industry. Because most of the clothes we put on today are produced from cotton, it makes it one of the world’s highly traded commodities.
Major producers of this fibre are the United States, India, China, Brazil, among others.
From our discussion above on the Top 10 Most Traded Commodities in the World, you are now inclined to the commodities that are most traded mostly because of their importance to human day-to-day activities. Also, because of their versatility.