Taiwanese Delegation Signs Agreement to Purchase Soybeans Valued at More than $1.5 billion

October 1, 2018

For more information contact: 
Jacque Matsen, 515.348.6245

Taiwanese Delegation Signs Agreement to Purchase Soybeans Valued at More than $1.5 billion

October 1, 2018 (Des Moines, IA) – Iowa Lt. Governor Adam Gregg, Iowa Department of Agriculture Secretary Michael Naig, the Iowa Soybean Association and Iowa Economic Development Authority (IEDA) today hosted members of the Taiwan Agricultural Trade Goodwill Mission. The delegation’s primary purpose for visiting Iowa is to sign a letter of intent for the purchase of soybeans.

“Taiwan is a valued, long-term trading partner and I appreciate this delegation coming to Iowa to demonstrate their intent to make significant purchases of U.S. soybeans over the next year. Today’s signing is welcome news for Iowa farmers in the midst of harvest. It is critically important that we work to continue building markets and expanding export opportunities for our state’s farmers and businesses,” Naig said.

At the signing ceremony, set in the Iowa Capitol, Secretary Naig welcomed the delegation and noted the long-term trade relations between Taiwan and the U.S. The letter indicates Taiwan’s intent to purchase between 118 million and 144 million bushels of U.S. soybeans over the next year. The agreement is estimated to be worth US$1.56 billion.

“As the sixth largest export market for U.S. soybeans valued at $586 million in 2017, Taiwan remains an important trade market for Iowa and the U.S.,” said IEDA Director Debi Durham.

The IEDA’s International Trade Office leads multiple trade missions throughout the year to destinations worldwide, including Taiwan. These trade missions are aimed at expanding existing and emerging markets for Iowa products and identifying foreign-direct investment opportunities in the state. 

Taiwan is Iowa’s 13th largest trading partner, with exports estimated at $170 million in manufactured and value-added goods in 2017. In the first half of 2018 alone, Iowa exports to Taiwan have increased 46 percent when compared to the previous year. 

The Taiwan Agricultural Trade Goodwill Mission delegation’s itinerary also includes visits to New York, Washington, D.C. and Minnesota during their stay in the U.S.

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The IEDA’s International Trade Office markets Iowa products and services, educates Iowa businesses on exporting and assists global companies wishing to establish or expand operations in Iowa. To find out more about these services or trade missions that the IEDA is planning, please visit iowaeconomicdevelopment.com.

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