Government News
USD815 million of deals are done on US Food and Agriculture Pavilion’s opening day at CIIE 2024-11-08
US companies taking part in the American Food and Agricultural Pavilion at the seventh China International Import Expo penned contracts worth USD815 million on the pavilion’s opening day on Monday, a 65 percent surge from last year, as the US businesses are optimistic about China’s growing market.
Commodity trader Hangtang Tung Resources USA inked agreements with four Chinese firms: Xiamen ITG Agricultural Products, Xiamen Mingsui Grains & Oils Trading. animal feed raw materials supplier Bozun, and Sichuan Luzhou Baijiu Industrial Park.
Highland Hay International, which produces alfalfa bales, penned supply agreements with China’s New Hope International Trading and Tianjin Tianyi Intel Trading. In the coming days, the Springfield-based firm also intends to seal deals with Beijing Xingfeng Intel Trading and Cangzhou Yuheqingqing Agri Tech.
Grain supplier Anderson Northwest penned agreements with Ghana’s Bonagro on dry green peas, and health firm Dynamite Speciality Products and dog accessory maker Pawberry struck a deal over pets food and supplements.
Government representatives, national trade associations, food manufacturers, and exporters are among the 14 exhibitors and 31 participating entities joining this year’s American Food and Agriculture Pavilion, organized by the American Chamber of Commerce in Shanghai and the United States Department of Agriculture.
A wide array of products are on show across the 240-square-meter pavilion, including beef, poultry, wine, rice, dry peas, potatoes, whiskey, ginseng, fruits, dairy goods, seasoning, bulk trade products, cotton, food packaging, as well as pet food.
AmCham Shanghai supports small and medium-sized enterprises and trade groups which might not normally be able to afford such exposure and helps them to connect with provincial authorities and business leaders in China, AmCham Shanghai Chair Allan Gabor said.
AmCham Shanghai is helping smaller businesses and different government departments, such as the Washington State Department of Agriculture, to come to the CIIE for the first time to understand what a great market China is, Gabor noted.
US agricultural exports to China have grown steadily over the past decade, according to AmCham Shanghai President Eric Zheng. In the past three years these exports have averaged USD33 billion a year.
“Despite an average annual growth rate of 2 percent over the last 10 years, there's significant potential for expansion as China's demand for high-quality agricultural products continues to rise," Zheng said. Despite geopolitical tensions, Amcham Shanghai has huge confidence in the Chinese market, due to its vast consumer base and expanding middle class, he added.
“China has also done a great job of modernizing the food supply chain,” Gabor added. “Investment in modernization is giving both Chinese and international companies opportunities in areas connected to the supply chain, such as biosecurity and food safety, and not just food products.
“Trade in food and agriculture is not just about money, it's also a bond,” he pointed out. “It creates a bond between people and it creates a deeper cultural understanding. So I would not underestimate the value of food and agricultural trade between the two countries.”
Source: Yicai Global
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