65+ Commodity Statistics (2022)

Commodities include goods or services traded and exchanged with each other at a price governed by demand and supply.

The commodity market began in 4500 BC where the people of Sumer or modern-day Iraq used clay tablets to denote goods to be delivered at a predetermined date.

If you’re looking for a cited, chronological depiction of the commodity market, please read the history of the commodity markets.

Key Takeaways

  • The World Bank forecasts agricultural prices to stabilize in 2022, after a 22% increase in 2021.
  • Prices of the primary food commodities have declined nearly 9% from January 2020 to April 2020, the onset of the pandemic.
  • Gold prices have risen 8% from January 2020 to April 2020, driven by the pandemic uncertainty and safe-haven flows.
  • The largest consecutive decline in oil consumption happened in 1980-1982 when consumption dropped by 9% compared to its peak in 1979.
  • The largest drop in metal demand occurred during the 1975 global recession when consumption dropped by 17%.
  • The FAO Food Price Index, tracking monthly changes in the international prices of commonly traded food commodities, averaged 116 points in February 2021, up 2.4% from January and 26.5% from February 2020.
  • $15.3 billion is the market size of commodity dealing and brokerage in the US by revenue in 2021.
  • With 18.61 million barrels a day in 2020, the United States commands a 20% global crude oil production share.
  • With an average of 211 million tonnes, China is the largest rice producer globally.
  • With an export of 144 million metric tonnes, Brazil was the largest soybean exporter in the world in 2021.
  • With a production of 6,188,000 tons, India was the world’s largest cotton producer in 2021.
  • Nine hundred three thousand tonnes was the global production of natural rubber (NR) during April 2021.
  • At 368.3 tonnes, China has the most significant gold mining volume globally.
  • China accounted for 20.66% of the world’s wheat production in 2020.
  • Mexico, China, Cuba, and the Philippines contribute 49.2% of global chicken exports.
  • With 5.7 million tonnes of metal mined in 2020, Chile is the world’s largest copper-producing country.

In recent years, the commodity market has witnessed a profound metamorphosis, including physical trading and derivatives to manage price management.

Initially, commodities are used as raw materials for manufacturing or processing several goods or services. At the same time, commodity services allow traders to meet the counterparty for purchasing or selling a commodity or commodity-related investment items.

Some of the conventional types of commodities include gold, crude oil, zinc, lead, silver, natural gas, and cotton. These days various brokerage firms offer a platform for online commodity trading instead of physical delivery of commodities.

According to Fitch Solutions, the macro-economic backdrop would remain conducive to commodities demand in 2022, helping the prices to maintain an uptrend relative to the 2017-2021 averages.

I have curated a list of insightful statistics on the global commodities market. These statistics also highlight the transformation in industry trends and investor preferences.

Commodities Price Forecast for 2022

  • The World Bank forecasts Crude oil prices to average $74/bbl in 2022, up from an estimated $70/bbl in 2021.
  • The World Bank forecasts agricultural prices to stabilize in 2022, after a 22% increase in 2021.
  • The World Bank forecasts energy prices to increase more than 2% in 2022, following a more than 80% jump in 2021.
  • The World Bank projects oil prices to average $74/bbl in 2022, up from a forecasted $70/bbl in 2021 and is likely to drop to $65/bbl in 2023.
  • The World Bank forecasts metal prices to fall 5% in 2022 after a projected increase of 48% in 2021.

Source: World Bank

COVID-19 & Recession Impact on Commodities

  • Oil demand dropped by 6% (6 mb/d) in Q1 2020, and the International Energy Agency anticipates it to drop by 23% (23 mb/d) in Q2 2020.
  • Prices of the primary food commodities have declined nearly 9% from January 2020 to April 2020.
  • Gold prices have risen 8% from January 2020 to April 2020, driven by uncertainty and safe-haven flows.
  • Copper and zinc have fallen by around 15% from January 2020 to April 2020 and recorded the most significant decline.
  • The most significant single-year fall in oil demand was in 1980 when demand dropped by over 4%.
  • The largest consecutive decline in oil consumption happened in 1980-1982 when consumption dropped by 9% compared to its peak in 1979.
  • The largest decline in metal demand happened during the 1975 global recession when consumption dropped by 17%.

Source: World Bank

Commodity Price Index Predictions and Performance

  • The FAO Food Price Index, tracking monthly changes in the international prices of commonly traded food commodities, averaged 116 points in February 2021, up 2.4% from January and 26.5% from February 2020.
  • The FAO Cereal Price Index averaged 125.7 points in February 2021, up 26.5% from its February 2020 level.
  • The FAO Vegetable Oil Price Index averaged 147.4 points in February 2021, up 6.2%, from January, and peaked at its highest since April 2012.
  • According to the Fitch Solutions Country Risk and Industry Research (FSCRIR), its Aggregate Commodity Price Index which includes energy, metals, and agriculture – will likely decline by 7.9% in 2022.
  • The S&P GSCI index, a significant commodity index, gained 36.10% at 2,690.56 until the first week of December 2021.

Sources: World Grain.comHindu Business Line

Commodity Brokerage in the US

  • $15.3 billion is the market size of commodity dealing and brokerage in the US by revenue in 2021.
  • 14.4% is the expected increase in the Commodity Dealing and Brokerage industry in the US in 2021.
  • 1.1% per year was the average growth in the market size of the Commodity Dealing and Brokerage industry in the US between 2016 and 2021.
  • There are 5,371 Commodity Dealing and Brokerage businesses in the US as of 2021, a rise of 2.9% from 2020.
  • The number of businesses in the Commodity Dealing and Brokerage industry in the US has risen 2.9% per year on average between 2016 – 2021.
  • Illinois with 357 businesses, California with 210 firms, and Texas with 191 companies are the states with the maximum number of Commodity Dealing and Brokerage businesses in the US.

Source: IBIS World

Individual Commodity Statistics

Below you’ll find some of the most interesting statistics related to many of the most popular commodities.

Copper Statistics

Because of its high thermal and electrical conductivity, copper is widely used in construction, engineering, and electronics manufacturing. Copper’s malleability also makes it suitable for wiring.

The largest copper mining countries in the world play a crucial role in the transition for major industries to a low-carbon energy system.

  • With 5.7 million tonnes of metal mined in 2020, Chile is the world’s largest copper-producing country
  • Peru is the second-largest copper-producing country, with 2.2 million tonnes of metal mined in 2020.
  • With 1.7 million tonnes of metal mined in 2020, China is the world’s third-largest copper-producing country.
  • With 1.3 million tonnes of metal mined in 2020, the Democratic Republic of Congo is the third-largest copper-producing country.

Source: NS Energy

Cotton Statistics

Cotton is one of the world’s leading crops used fiber and food for ages. Cotton fibers can make clothing, bed sheets, towels, paper, cooking oil, rope, currency notes, and biofuel.

Cotton doesn’t require much land or water to grow, and since 1980, farmers are now able to produce almost double the amount of cotton on the same amount of land.

  • India was the world’s largest cotton producer in 2021, producing 6,188,000 tons.
  • China was the world’s second-largest cotton producer in 2021, producing 6,178,318 tons.
  • The United States was the world’s third-largest cotton producer in 2021, producing 3,593,000 tons.
  • Pakistan was the world’s fourth-largest cotton producer in 2021, creating 2,374,481 tons.

Source: World Population Review

Crude Oil Statistics

Crude oil production is calculated as the quantities of oil extracted from the ground after the impurities or inert matter have been removed. After extraction, the crude oil is distilled to break down the liquid into various products based on weight. Most crude oil is meant for gasoline, jet fuel, diesel, and heating oils, and heavier products are used for travel and lubricating oils such as petroleum jelly.

  • In 2018, the United States outpaced Russia and Saudi Arabia to emerge as the global leader in crude oil production. Alaska, Texas, North Dakota, New Mexico, and Oklahoma are the leading oil producers in the United States.
  • With 18.61 million barrels a day in 2020, the United States commands a 20% global crude oil production share.
  • With a production of 10.81 million barrels a day in 2020, Saudi Arabia commands a 12% share in global crude oil production.
  • With 10.50 million barrels a day in 2020, Russia commands an 11% global crude oil production share.
  • With 5.23 million barrels a day in 2020, Canada commands a 6% global crude oil production share.

Source: World Population Review, EIA

Gold Statistics

Gold mining is a global business with operations across the continent, wherein it is extracted from mines of widely varying types and scales.

  • China was the largest producer globally in 2020 and accounted for around 11% of total global gold mining.
  • China has the most significant gold mining volume globally at 368.3 tonnes.
  • The Russian Federation has the second largest gold mining volume globally at 331.1 tons.
  • Australia has the third-largest gold mining volume globally at 327.8 tonnes.
  • The United States has the fourth-largest gold mining volume globally at 190.2 tonnes.

Source: Gold.org

Live Cattle-Beef Statistics

  • Overall, beef exports were worth an estimated $41.3 billion in 2020.
  • Latin America, excluding Mexico and the Caribbean, shipped $13.8 billion worth of beef in 2020.
  • European countries contributed 25.7% to the total worldwide beef export in 2020.
  • North American countries contributed 20.6% to the worldwide beef export in 2020.
  • Oceania countries contributed 18.5% to the total worldwide beef export in 2020.
  • $23.3 billion was the value of exported fresh or chilled beef in 2020.
  • $26.6 billion was the value of exported frozen beef in 2020. -Brazil exported 2.7 million metric tons of beef and veal in 2021.
  • United States exported 1.4 million metric tons of beef and veal in 2021.
  • Australia exported 1.4 million metric tons of beef and veal in 2021.

Sources: World Stop ExportsStatista

Poultry Statistics

According to the USA Poultry & Egg Export Council (USAPEEC), Poultry and eggs are witnessing a steady rise in demand, albeit some logistical problems caused by the COVID-19 pandemic due to port closure and global shipping restrictions.

Despite the challenging conditions, the exports for chicken and eggs set records for the first half of 2021.

  • Broiler exports from the US for the first six months totaled 1,856,027 tonnes, up 6.8% from the same period of 2020.
  • The export value of the broiler reached $2.136 billion, an increase of 21.1% from 2020.
  • Mexico, China, Cuba, and the Philippines contribute 49.2% of global chicken exports.
  • Cumulative turkey exports for the first half of 2021 were 124,008 tonnes, up 3.3% from 2020.
  • The export value of turkey reached $259.1 million, up 5.1% from 2020.
  • In the first half of 2021, shipments of table eggs in the US reached an all-time high at 98.6 million dozen to South Korea, Hong Kong, and Mexico.

Source: Meatpoultry.com

Rice Statistics

Rice has been a staple for most civilizations and cultivated for centuries. Growing rice is very labor-intensive and requires substantial water and warm, humid weather conditions. Rice is cultivated in nearly 120 countries globally, wherein China and India account for over 50% of global rice production.

In the United States, rice production has always been concentrated in the lowland counties of South Carolina and Georgia. However, nowadays, rice in America is produced in Arkansas, Mississippi, and Louisiana, producing 7.22 metric tonnes of rice in 2021.

  • China is the largest rice producer globally, producing 148 metric tonnes in 2021.
  • India is the second-largest rice producer globally, producing 120 metric tonnes in 2021.
  • Bangladesh is the third-largest rice producer globally, producing 35.3 million tonnes in 2021.
  • Indonesia is the fourth largest rice producer globally, producing 34.9 million tonnes in 2021.

Sources: World Agricultural Production

Rubber Statistics

Natural Rubber is found in the fluid of a plant called Hevea Brasiliensis and obtained from a white liquid called latex. At the same time, synthetic rubber can be obtained by the polymerization of various monomers.

The tree is a native of the Amazon River basin in South America. We can also find rubber in the plantations of Indonesia, the Malay Peninsula, and Sri Lanka.

  • Nine hundred three thousand tonnes was the global production of natural rubber (NR), while the world demand of NR was 1.129 million tonnes during April 2021 on a year-to-year basis.
  • Thailand was the largest rubber-producing nation in the world in 2020, producing 4,305 000 tons.
  • Indonesia was the second-largest rubber-producing nation in 2020, producing 3,088 000 tons.
  • Malaysia was the third-largest rubber-producing nation in the world in 2020, producing 997 000 tons.
  • India was the fourth-largest rubber-producing nation in the world in 2020, producing 891 000 tons.

Source: Anrpc.orgAseanbriefing.com

Soybean Statistics

Soybeans are one of the most prevalently cultivated and used oilseeds—the uses of soybean range from human and animal foods to industrial products.

  • Among all oilseed crops, soybean commands a global production share of 59%, while others like rapeseed, sunflower, and peanut contribute 12%, 9%, and 8%, respectively.
  • The United States extensively produces soybean and contributes 32% of the world’s soybean production.
  • Brazil was the largest soybean exporter globally in 2021, exporting 144 million metric tonnes.
  • The US was the second-largest soybean exporter in the world in 2021, exporting 119.88 million metric tonnes.
  • Argentina was the third-largest soybean exporter globally in 2021, with export of 52 million metric tonnes.

Source: Soyastats.comSOPA.orgUSDAFAS

Wheat Statistics

  • As of 2020, wheat production in China was 134,250 thousand tonnes, accounting for 20.66% of the world’s wheat production.
  • India, the Russian Federation, the United States of America, and Canada account for 63.46% of the total wheat production.
  • The world’s total wheat production was estimated at 649,759 thousand tonnes in 2020.
  • Global wheat production was expected to reach a new record of 780 million tonnes in 2021 as per the Food and Agriculture Organization of the United Nations.

Source: Knoema.com