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The political economy of development
This academic site promotes excellence in teaching and researching economics and development, and the advancing of describing, understanding, explaining and theorizing.
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commodity trade

the 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 traded.

Commodities and commodity markets are terms used as synonyms for primary goods and the markets in such goods.