Although typically known as the industrial base of the Soviet Union, agriculture is a large part of Ukraine's economy. In 2008 the sector accounted for 8.29% of the country's GDP and by 2012 has grown to 10.43% of the GDP. Agriculture accounted for $13.98 billion value added to the economy of Ukraine in 2012, however despite being a top 10 world producer of several crops such as wheat and corn Ukraine still only ranks 24 out of 112 nations measured in terms of overall agricultural production. Ukraine is the world's largest producer of sunflower oil, a major global producer of grain and sugar, and future global player on meat and dairy markets. It is also one of the largest producers of nuts. Ukraine also produces more natural honeythan any other European country and is one of the world's largest honey producers, an estimated 1.5% of its population is involved in honey production, therefore Ukraine has the highest honey per capita production rate in the world. Because Ukraine possesses 30% of the world's richest black soil, its agricultural industry has a huge potential. However, farmland remains the only major asset in Ukraine that is not privatized. The agricultural industry in Ukraine is already highly profitable, with 40-60% profits, but according to analysts its outputs could still rise up to fourfold. Ukraine is the world's 6th largest, 5th if not including the EU as a separate state, producer of corn in the world and the 3rd largest corn exporter in the world. In 2012 Ukraine signed a contract with China, the world's largest importer of corn, to supply China with 3 million tonnes of corn annually at market price, the deal also included a $3 billion line of credit extension from China to Ukraine.