[CIIE] US SMEs Ink USD12 Million Worth of Deals at CIIE Amid Trade Thaw

Small and medium-sized enterprises from the United States have signed nearly USD12 million worth of agreements at the China International Import Expo in Shanghai, with the Asian country recently agreeing to resume buying US soybeans and reduce tariffs on various agricultural products.

Dynamite Specialty Products, an Idaho-based Animal manufacturer of nutraceuticals for all species, led the way by inking deals worth USD5.8 million during the US SMEs pavilion's opening ceremony on Nov. 6. Overall, the total value of agreements penned by these firms at the latest CIIE, which ended yesterday, jumped 5 percent from a year earlier.

This year's US SMEs pavilion pivoted toward specialty and value-added goods, unlike previous years that focused on bulk commodities, highlighting evolving market dynamics despite ongoing trade uncertainties. It covered an area of 350 square meters and featured 19 exhibitors, including one state and 10 industry associations, with the largest agricultural presence at the trade fair in three years.

"Our pavilion provided valuable support to American SMEs seeking to expand in or enter the Chinese market," said Eric Zheng, president of AmCham Shanghai. "With the largest pavilion and the highest number of exhibitors in our three years at the CIIE, we demonstrated that American companies remain committed to China."

The agreement between the US and China to suspend some high tariffs for 12 months, announced just as the eighth CIIE opened, helped generate a wave of positive sentiment throughout the expo, Zheng pointed out. The two are the world's largest economies and are highly complementary, so when they work together in openness and trust, they will grow stronger, he added.

Some 80 percent of Wisconsin ginseng ends up in China, said Robert Kaldunski, president of the state's ginseng board. In addition, Jason Fearneyhough, executive director of the Western United States Agricultural Trade Association, noted that China's large and vibrant economy makes it critical for Western US firms to continue their alliances there.