Would you like to invest in the New Zealand currency? Are you interested in investing in some of their commodities? Take advantage of this post to understand how to do it!
You don’t know what a commodity is? In a very basic sense, a commodity is a tangible material that can be traded, bought, or sold. They are normally used as inputs in the manufacture of other more refined products. Like for example, oil, wheat, rice, sugar, corn.
For example, let’s take corn which is one of the most tradable grains in the world. This product, from Latin America, is quick to harvest and only needs suitable soil to grow on. It is the third most planted product around the world, mostly in emerging and developed countries.
Developing countries are generally countries that have not achieved a significant level of industrialization relative to their populations, and that do not have a high standard of living, but which, in the near future, could do so. This is due to the strong correlation between the average income of a citizen and the growth that this can bring to the country. Citizens as small producers who work to grow their own economic growth and that of the sector where they are located are an example of the growth of a developed country.
As an example, New Zealand, which is among the top ten developing countries, is a country that, in recent years, has seen growth in its human development index. In fact, world economic experts see New Zealand as a large agricultural producer and promote interest in investing in the country and its products such as the cultivation of fruits, wheat, corn, among others. To put you in context, New Zealand’s maize production is expected to reach 190,000 tonnes in the final’s cycles in 2022. Due to do this, many economists use Commodities-API.
What Is Commodities-API?
Commodities-API is a website that consists of an API, a software that is based on making connections. This website is a very helpful tool for those interested in investing in Commodities as it has data on more than 170 products and currencies.
How Do I Make An Account For The First Time?
Commodities-API has the practicality of being very easy to use. To get in for the first time, I followed this guide.
- Create an account on their website.
- Get an API-key that is unique for each user
- Choose a currency (NZD) and commodity (CORN)
Is It A Reliable Platform?
Yes, Commodities-API is a reliable platform since it has SSL encryption, that is, a standardized technology that allows data traffic between a web browser and a website (or between two web servers) to be encrypted, thus protecting the connection . In turn, the data provided by Commodities-API comes from banking entities or even the World Bank.