I often encourage U.S. business owners to consider the growing number of consumers with greater purchasing power in developing countries as an additional market for their goods and services. Well, the impact of consumer demand in emerging markets, such as China, Brazil and Mexico, illustrate the benefits to some U.S. agricultural sectors, as in the case of beef production.
Usually, when I discuss the impact of international trade on consumers, I highlight the lower prices due to less costly imports. In the case of U.S. beef, the greater exports to countries with a high demand and the ability to purchase U.S. products have resulted in increased prices for U.S. beef consumers. At the same time, U.S. producers benefit from continuing to generate revenue and eventually turn a profit from the high demand in emerging markets.
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