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Taiwan agrees to purchase more than $2.6 billion in US corn, soybeans in coming years

Under the agreement, Taiwan Vegetable Oil Manufacturers Association will buy an estimated $1.9 to $2.1 billion in corn and soybeans from Iowa between 2023 and 2024.

DES MOINES, Iowa — An agreement signed Tuesday will continue business between Iowa and Taiwan into 2023 and 2024. 

Taiwanese delegates met in Des Moines and signed a letter of intent to continue importing Iowa agriculture products.

Under the variable agreement, the Taiwan Vegetable Oil Manufacturers Association will purchase between 96 million and 107 million bushels of U.S. Soybeans between 2023 and 2024, which equates to an estimated value between $1.9 and $2.1 billion in export sales.

“It is a significant commitment, you're talking $2 billion worth of soybean purchases, you're talking of nearly a $1 billion worth of corn purchases,” said Iowa Secretary of Agriculture Mike Naig. “And again, those things add up over time. So, these are important events.”

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In 2021, Taiwan imported more than 51 million bushels of U.S. soybeans, according to the U.S. Department of Agriculture.

“Today’s letters of intent represent the next stage of Iowa’s longstanding, bilateral friendship with Taiwan,” said Gov. Reynolds in a press release. “They’re also powerful proof of Iowa farmers’ global reputation for high-quality agricultural production – and the enormous benefits that flow to our economy as a result. I’m deeply grateful to Taiwan for committing to Iowa, and I can’t wait to see where this relationship goes in the future.”

Taiwan is currently Iowa’s 12th-largest export destination out of 230 countries.

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