The American Soybean Association says it has signed a Joint Communiqué with Taiwanese grain and oilseed buyers that describes Taiwan's intentions to purchase 3 million to 3.2 million metric tons, or up to 118 million bushels, of U.S. soybeans during 2010 and 2011. The value of this purchase is estimated to be worth up to $1.44 billion.
"Taiwan is buying from the United States because we can reliably provide them with both the quality and the quantity of soybeans they need," said ASA Chief Executive Officer Stephen Censky. "This strengthens the relationship between U.S. soybean producers and our customers in Taiwan because they have been an extremely good trading partner for U.S. farmers."
Taiwan has the highest soybean per capita consumption in the world and was the fifth largest buyer of U.S. soybeans last year with purchases totaling $952 million. It is also the sixth largest market for U.S. agricultural products. The 24 million people in Taiwan purchased $3.4 billion worth of grains, meats and a wide variety of U.S. products last year.