>If it is more lucrative than growing food, does that mean you can buy an equivalent amount of imported food and pocket the profits? If that was the case then it would be an example globalization at work.

If the infrastructure for transporting that food exists, then yes. The problem with relying on food from other countries is that it undermined your (food) security. It's possible that this can be used as a tool in in relations against your country or in the time of a crisis you're more likely to be left hanging. Eg look at all those companies/countries that depend on some important goods from China. During the current crisis the resources in China will be used in China first. Now imagine that same situation, but with food. I think that's why western countries subsidize agriculture so heavily.