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Agriculture and farm equipment areas where Minnesota can build its export economy

Wednesday, February 24, 2010

Farm equipment is one area where Minnesota can improve its exports.
Farm equipment is one area where Minnesota can improve its exports.

A recent editorial from Minnesota noted that the state may be poised to take advantage of initiatives to improve exports in the country.

According to the Minneapolis Star Tribune, Fred Hochberg, chairman and president of the Export-Import Bank of the United States, told the paper's editorial board that in the past economic problems were generally driven away by spending from the American consumers.

"It's just not sustainable," Hochberg said.

However, exports may provide an opportunity for both economic recovery and job creation. The five areas that Hochberg said were at a good point for improvement in exports include agriculture and farm equipment, aviation, construction, medical equipment and power generation. The paper noted that Minnesota takes part in all of the industries, especially agriculture and medical equipment.

The idea of expanding exports is not a foreign idea. For example, officials and businesses in North Dakota have worked to set up a model farm in Ukraine, which will be used as a way to market the state's capability for producing agricultural equipment.

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