Rising Importance of MIST Countries to Ag Exports

Rising Importance of MIST Countries to Ag Exports

Rising Importance of MIST Countries to Ag Exports

I’m KayDee Gilkey with today’s Northwest Farm and Ranch Report.

Although many of us have heard of the BRICS nations --That is Brazil, Russia, India, China and South Africa -- and their rapidly growing economies, another upcoming acronym worth remembering is MIST. Which represents Mexico, Indonesia, South Korea and Turkey.

Each has a rapidly growing younger population, and each represents more than one percent of global gross domestic product --or GDP. And real GDP growth in this group has been approximately 5 percent to 8 percent each year in recent years.

These markets accounted for more than 21 percent of U.S. exports with shipments reaching $29 billion compared to $18 billion only five years ago.

Mike Dwyer of USDA's Foreign Agricultural Service discusses the expansion of Mexico, Indonesia, South Korea, and Turkey as US ag export customers.

Dwyer: “Smaller economies, but growing at roughly comparable speeds of many of the BRIC countries. Mexico, Indonesia, South Korea and Turkey collectively $29 billion that is up 61 percent in the last five years. One of the every five dollars exported from the United States go to one of these countries.”

So while the BRICS nations continue to be important to U.S. ag exports, be sure and keep the MIST countries on your radar as well.
 

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