Prosper Africa has initiated a $56 million trade agreement through the United States-Africa Trade Desk (USATD) for the import of 700 containers of table grapes from South Africa into the US. The USATD, a collaborative effort between Prosper Africa and Afritex Ventures, aims to connect African agricultural producers with US markets.
The agreement, formalized at the Summer Fancy Food Show's Africa Pavilion, is set to stabilize US retail prices of table grapes during the off-season by importing the produce between November and April 2025. This deal also secures fixed prices for African growers, mitigating market fluctuations, with financing provided by EAS Advisors and Scipion Capital.
British Robinson, Prosper Africa coordinator, highlighted the significance of this deal as a milestone for South African grape producers, enabling them to export directly to US retailers on a large scale for the first time. The initiative aligns with Prosper Africa's goal of leveraging the African Growth and Opportunity Act to foster US-Africa commercial partnerships.
Gavin van der Burgh, USATD's chief commercial officer, emphasized the transaction's role in addressing a critical need within the US commodities market by tapping into the agricultural export capabilities of African nations. Additionally, a memorandum of understanding with Baylis Emerging Markets has been signed to broaden trade and investment links between the US and Africa, as remarked by Franklin Amoo of Baylis, who also noted the deal's low-risk profile as a catalyst for future collaborations.
Source: freightnews.co.za