Active Stocks
Tue May 21 2024 15:59:52
  1. Tata Steel share price
  2. 174.30 3.81%
  1. NTPC share price
  2. 371.90 1.50%
  1. Power Grid Corporation Of India share price
  2. 325.45 2.71%
  1. Tata Motors share price
  2. 951.15 -0.19%
  1. State Bank Of India share price
  2. 830.55 1.18%
Business News/ News / India/  The implicit trade dynamics of eating out
BackBack

The implicit trade dynamics of eating out

Indian cuisine is one of the most popular in the world but India is a net importer of global cuisines, suggests a study

The largest cuisine trade deficit, though, belongs to the US.Premium
The largest cuisine trade deficit, though, belongs to the US.

One of the features of the current US hegemony is its influence on culture across the world through Hollywood and music. Yet, movies and music are just one aspect of culture. In another more important aspect—food—the US fares less well, according to new research.

In a study published by the National Bureau of Economic Research, Joel Waldfogel highlights the importance of cuisine in cultural trade and suggests countries such as Japan, Italy, China and India benefit when their cuisine is sold abroad.

In the study, Waldfogel explores the implicit trade involved in cross-border culinary consumption using market research data from Euromonitor for food expenditure and TripAdvisor for restaurant cuisines of 52 countries.

He finds that Italy and Japan were the largest net exporters of cuisines (excluding fast food) in 2017. Net exporters of cuisines simply refers to how much a country’s cuisine is consumed outside its borders.

For India, he finds that Indian cuisine is the fifth most popular cuisine in the world (behind Italy, Japan, China and the US). But India also hosts several restaurants serving foreign cuisine, making it a net importer of cuisine with a “cuisine deficit" of around $4 billion in 2017.

The largest cuisine trade deficit, though, belongs to the US. With net imports of $133 billion of cuisine in 2017, this deficit dwarfs US’s trade surpluses in other cultural products such as movies and music and questions the general notion of US hegemony in cultural trade and influence.

Waldfogel argues that the implicit trade involved in cuisine trade and the interest in global cuisines are often overlooked in measurements of cultural trade. The inclusion of cuisines and recipes as a cultural product can change perceptions of cultural influence, he suggests.

Also read: Dining Out as Cultural Trade

Snap Fact features new and interesting reads from the world of research

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 09 Jul 2019, 02:11 PM IST
Next Story footLogo
Recommended For You