August 19, 2010
America's Nebraska secures largest agricultural export deal
Nebraska has secured an agricultural export deal expected to result in US$436-US$516 million purchases of Nebraskan commodities in the next two years.
Last week, a delegation of Nebraskan agriculture and commodity group representatives led by Nebraska Agriculture Director Greg Ibach took part in a trade mission to Taiwan and Hong Kong.
The purpose of the visit was to explore opportunities to secure agricultural exports in two international markets important to Nebraska. They have negotiated a deal which is by far, the largest export agreement ever negotiated on behalf of the state.
Nebraska's corn, soy and wheat representatives signed a letter of intent to provide up to one million tonnes of corn, and at least 300,000 tonnes of soy and 500,000 tonnes of wheat to Taiwan importers which will be processed for soyoil, tofu and other soy-based products, feed for livestock and the flour needed for noodles and bread products.
This trade mission was an opportunity to revisit business contacts made three years ago during the last trade mission to several Asian markets. Taiwan and Hong Kong are two markets that rely on imported commodities to fulfil food needs.
In addition to meetings with commodity import groups in Taiwan, the delegation also held promotions at two Taipei hotels featuring Nebraska's beef. In recent years, it has received higher visibility and exposure through promotional efforts of the Nebraska Department of Agriculture and the Nebraska Beef Council.
The visit to Hong Kong focused on promoting Nebraska's beef. During a trade mission three years ago, the Chinese Cuisine Training Institute agreed to use Nebraska's beef in its classes for Hong Kong and mainland China chefs.
Nebraskan farmers are experienced in producing for a global market. Taiwan and Hong Kong are important trading partners for Nebraska agriculture. In 2009, Hong Kong was Nebraska's fifth largest agricultural trade partner. Taiwan was its eighth largest international market.
