Illusion of trade off
This whole discussion about raw materials versus value-added products has no mathematical or economic aspect, only political. If the US were a producer of world crude oil or minerals like Canada or Australia, the prices of raw products would not be debased. We know this when, during the Six-Day War in Israel, the price went from US$0.80 per 156-liter barrel to US$18.00 per barrel and it never dropped below US$50.00, even though it is a raw material like gold or rough diamonds. Because adding added value requires a lot of energy, time, technology, other raw materials, storage, transportation and supply chain, and transaction costs between intermediaries. Nothing a priori guarantees that it is better to industrialize to earn more. It just depends on the political power of the monopsony. The United States is the world's largest producer of raw corn, raw soybeans, and other products such as fruits, and no value is added to this, because the United States' ability to impose its prices and circumvent health controls and multilateral agreements, and possess the international currency of exchange, distorts the rules of supply and demand. Proof of this is the global trade in chocolate by countries that do not have cocoa plantations, but only control the supply chain, the brand, the distribution process, and the financial and political value chains. EMBRAER's EBIT is 2% to 3%, which is the net profit minus all expenses, taxes, and payments to suppliers (approximately 20 thousand in the production chain), financing for buyers, and advances to suppliers. Producing carrots is simpler, cheaper, and more than 40% profitable, without the risks of aviation and without international certifications.
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