Agricultural exports move up WA's agenda

The agricultural export market has received a boost throughout Western Australia, as a memorandum of understanding is signed between the state and northern Asia. The Department of Agriculture and Food entered into the agreement with the Hong Kong Trade and Development Council (HKTDC) to strengthen the economic partnership between the two areas.

It is hoped that new market opportunities will be identified throughout Hong Kong, with the potential to expand trade links with China and other parts of the region.

How valuable are these markets?

The latest figures show Western Australia's exports to Hong Kong in the 2014-15 financial year stood at $92.2 million. This included products such as dairy, lamb, beef and grains. Meanwhile, the value of Chinese exports registered at around $1.82 billion.

HKTDC is the body responsible for marketing local manufacturers on an international scale. It has more than 40 offices throughout the world, with 13 located on the Chinese mainland.

As a result, this latest agreement could open up markets to Western Australia that had previously been inaccessible.

How else will exports benefit?

This isn't the only benefit that's recently been introduced across the sector. The Western Australian government announced it would be making grants available to producer organisations to make the most of new export opportunities.

Regional Development Minister Terry Redman said: "Grower and producer groups are some of regional WA's key businesses and these grants will support them to undertake further research and development."

Grants of between $20,000 and $500,000 are currently available, with a second round of funding due to be released next year. The hope is that farmers throughout Western Australia will be able to secure contracts in higher value export markets.

How can farming operations be protected?

Whether you're exporting produce or not, it's crucial to take out farm liability insurance. This will offer protection and peace of mind should anything ever go wrong on your premises.

Speak to an agent today about how farm insurance can make a real difference to your business.