international trade in primary goods. Such goods are raw or partly refined materials whose
value mainly reflects the costs of finding, gathering, or harvesting them; they are traded
for processing or incorporation into final goods. Examples include crude oil, cotton,
rubber, grains, and metals and other minerals.
Manufactured products, such as
machinery and clothing, on the other hand, comprise products whose value reflects largely
the cost of manufacturing processes. Such manufacturing processes contribute relatively
little to the value of primary goods, which undergo little processing before they are
Commodities and commodity
markets are terms used as synonyms for primary goods and the markets in such goods.