Russian output has grown by about 7percentt annually in recent years, and now stands at 7.7 million barrels a day, comparable to that of Saudi Arabia, though Russia consumes about half of its production domestically.
According to Bo Zhiyue and Chen Gang of the East Asian Institute, 90% of its industrial output is sold domestically.
And unlike the United States, where most farm output is consumed domestically, almost all of New Zealand's milk, meat and wool is sold abroad.
If much of the output of the domestic good is consumed domestically, while much of the output of the imported good is consumed abroad, it would be reasonable to expect that the elasticity ϕ q would be relatively large (perhaps nearing one), while the elasticity ϕ y would be relatively small.
But that is highly implausible and socially undesirable, since it means we export our economic output, rather than consume it domestically.
Eggs, the output of poultry, are consumed domestically, but they are also often marketed by poorer households to generate cash, and the cash may be valued much more than the nutritional advantage of eating eggs.
"The contraction in output data reconfirms weakening demand both domestically and externally," said Radhika Rao, an economist in the Singapore office of Forecast, a financial market analysis company.
It is worth adding explicitly that a secure food system must be able to deliver inputs and outputs (both those produced and consumed domestically and those traded internationally) where and when they are required.
The high turnout underscored the stakes domestically.
We start constructing our C&T-TNs by assuming that there are k countries indexed by (i,h = 1, ldots, k) and each produces a certain volume of C&T-gross output denoted by (x_{i}), which it distributes both domestically and internationally to (1) intermediate demand and (2) final demand for C&T-goods.
