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The Next-11 and the BRICs: Are They the Future Markets for Agrifood Trade?

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  • Cairns, Alexander P.
  • Meilke, Karl D.

Abstract

In the mid-2000’s, Goldman Sachs identified two groups of emerging economies known as the BRICs and the Next-11. Primarily selected on the basis of having large populations, these countries were heralded as the growth centres of the future with the potential to stimulate increased demand for a wide range of commodities, including food. This study uses an import demand model to estimate how income influences per capita expenditure on agrifood imports in 63 countries. The findings suggest that as groups the BRICs and N-11 do not di↵er from other low, middle, or high income countries with respect to their import behaviour. However, disaggregation of the two groups reveals significantly larger expenditure elasticities for China, India, South Korea and Vietnam. A forecasting exercise reveals the capacity of income and population growth in China, India, Indonesia, Russia, South Korea and Vietnam to substantially increase their expenditure on imported agrifood products.

Suggested Citation

  • Cairns, Alexander P. & Meilke, Karl D., 2012. "The Next-11 and the BRICs: Are They the Future Markets for Agrifood Trade?," Working Papers 122737, Canadian Agricultural Trade Policy Research Network.
    • Handle: RePEc:ags:catpwp:122737
    DOI: 10.22004/ag.econ.122737
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    References listed on IDEAS

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    2. Cairns, Alexander P. & Meilke, Karl D., 2012. "The Next-11 and the BRICs: Are They the Future Markets for Agrifood Trade?," Working Papers 122737, Canadian Agricultural Trade Policy Research Network.
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    1. Cairns, Alexander P. & Meilke, Karl D., 2012. "The Next-11 and the BRICs: Are They the Future Markets for Agrifood Trade?," Trade Policy Briefs 145971, Canadian Agricultural Trade Policy Research Network.
    2. Fekete, Jozsef & Radics, Zsolt & Bujdoso, Zoltan, 2013. "Brics + T? Ȃ Turkey, As A Potential Member Of The Economicǧgrowth Leading Countries," Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 6(1).

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    Keywords

    Agricultural and Food Policy; Demand and Price Analysis; International Relations/Trade;
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