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The Economies of the Eastern Hemisphere

Instructor: Morgan Gannarelli
In this lesson, we will discuss the economies of major countries within the eastern hemisphere. We will examine their mining, agriculture, forestry, manufacturing, and service activities and how it affects the economy.

Major Countries in the Eastern Hemisphere

Do you ever find yourself wondering where your household items or food come from? Maybe you have a television that is made in Japan, toys made in China, a car made in Korea, or even spices that come from India.

While there are many countries in the Eastern Hemisphere, we will be discussing the major countries and their economies. Each country has different activities that contribute to their economies. When you think of the Eastern Hemisphere, you probably think of Russia as it is the largest country, but did you know that Japan has the third largest economy in the world by GDP? This is because Japan's industries are among the most highly advanced in the world. Think about the amount of electronics that are made in Japan. In this lesson, will be covering the major economic sectors including mining, agriculture, forestry, manufacturing, and service.

Mining

Copper mining specifically plays a huge part in the economies of Russia. The mining industry in Russia accounts for about 5% of its GDP and 16% of its exports. Typically, the mining industry is privately owned as opposed to state owned. China also has a large mining industry—it is actually the world leader in industrial output. Did you know that China supplies nearly 70% of the world's iron ore demand and about 40% of the world's copper demand? That means there are a large number of jobs in the mining industry in China. In fact, approximately 30% of the employed people of China work in mining, manufacturing, electric, water and gas. Speaking of gas, in 2014, the Middle East was producing 30% of the world's oil. Saudi Arabia specifically was ranked as the world's largest oil producer from 2003 to 2012. Their oil and gas sector accounts for around 50% of GDP.

Agriculture

In 2015, the local farmers provided 93% of the domestic food supply in Australia. The agriculture industry is only 2.3% of GDP. If you take into account the processes that the food goes through once they have left the farm, the number increases to 12% of Australia's GDP. Agriculture is also very important to India's economy. India produces and consumes the most spices and spice products. Over 58% of households depend on agriculture as their source of income. Again, China holds the number one spot and is the world's largest agricultural economy. This industry accounts for approximately 10% of China's GDP. They are a global producer of rice, cotton, pork, fish, wheat, tea, potatoes, corn, peanuts, barley, apples, oilseed, and more!

Agriculture is a large part of every economy
agriculture

Forestry

We mentioned at the beginning of the lesson that Europe has a large forestry industry, bringing in over $600 billion dollars a year. While in Russia, the forestry industry only accounts for 0.7% of their GDP. With such a large country, you would think it would be higher. Unfortunately Russia is known for its problems with illegal logging. Germany has a decent lumber production, with almost one-third of the country's land being forested. They have to import the majority of their hardwood though.

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