Taiwanese Delegation signs agreements to purchase U.S. corn and soybeans valued at more than $2.6B
Iowa Governor Kim Reynolds, Iowa Secretary of Agriculture Mike Naig, Iowa Corn Promotion Board, 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 was to sign letters of intent for the purchase of corn and soybeans.
“Today’s letters of intent represent the next stage of Iowa’s longstanding, bilateral friendship with Taiwan,” said Gov. Reynolds. “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.”
At the signing ceremony at the Iowa State Capitol, Governor Reynolds welcomed the delegation and noted the long-term trade relations between Taiwan and the U.S. The letters indicate Taiwan’s intent to purchase between 96 million and 107 million bushels of U.S. soybeans and 59 million bushels of corn between 2023 and 2024. The agreements are estimated to be worth USD$2.6 billion.
“Because of our rich natural resources and our productive farmers, Iowans are extremely proud to help provide safe, abundant, and nutritious food for consumers all over the globe,” said Iowa Secretary of Agriculture Mike Naig. “Our longstanding friendship and our growing trading partnership with Taiwan are positives for Iowa’s economy and farmers and we sincerely appreciate their letter of intent to purchase more corn and soybeans.”
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 12th largest trading partner, with exports estimated at $305 million in manufactured and value-added goods in 2021. In the first half of 2022 alone, Iowa exports to Taiwan have increased 4% compared to last year.
The Taiwan Agricultural Trade Goodwill Mission delegation’s itinerary also includes visits with elected officials, ag producers and commodity groups, and university representatives during their stay in the U.S.