Slow and Steady Wins the Race - Early Investment in Emerging Markets Promise Valuable ReturnsTue, 28 Nov 2017 11:35:47 CST
After nearly 14 years being barred from their markets, the US beef industry finally made headway this year and reached an agreement with the Chinese government to again grant American beef products access into their country. Year-to-date over the last several months, according to Dan Halstrom, the new CEO of the US Meat Export Federation, the volume of US beef into China is at about 1,100 tons. While some would like to see that number higher, Halstrom and the USMEF have preached from the beginning that this market would take some time to fully mature. And, they believe given enough time, this market will prove to be a very important one as it continues to grow. He spoke with Radio Oklahoma Ag Network Associate Farm Director Carson Horn recently about what USMEF is doing currently to help nurture new markets there in Asia.
“Everyone wishes it was more, but the good news is each month it’s increasing,” Halstrom said, adding that the early feedback from the markets has been very positive. “But, this is a good starting point. Everyone is excited about the high-quality US beef going into China. It will take time but I’d rather have slow, steady growth than no growth at all.”
Earlier this year in September, the USMEF took it upon themselves to formally introduce China’s meat industry leaders to our product. In a roadshow of sorts, visiting China’s three largest urban markets, Beijing, Shanghai and Guangzhou - the USMEF showcased all that American beef producers have to offer.
“We had over 300 people from the trade at each of those events,” Halstrom reported. “This is just a way making it formal that we now have US beef in the marketplace and the reception has been fantastic. We couldn’t be happier with that. So, yes, it’s going to take time, but we’ve got to continue to penetrate and tell our story in those emerging regions.”
Listen to Dan Halstrom talk more about other emerging markets around the world and how USMEF is working with producers to market their product in these regions, with Radio Oklahoma Ag Network Farm Director Ron Hays, on today’s Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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