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Taiwan to buy soybeans from U.S.

Staff Writer |
Taiwan has agreed to buy up to $1.56 billion-worth of soybeans from the United States in 2018-2019, the Taipei Economic and Cultural Office in Chicago said Friday.

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A Taiwanese agricultural trade delegation signed a letter of intent on soybean purchases Thursday with the Minnesota Soybean Research and Promotion Council, the Taiwanese representative office in Chicago said in a statement.

The Taiwanese delegation was led by Taiwan Vegetable Oil Manufacturers Association Chairman Hung Yau-kuen. Hung said the purchase of soybeans showed Taiwan's support for American farmers at a time of rising trade friction between the United States and China.

So far this year, Washington has imposed tariffs on $250 billion- worth of Chinese goods, while China has retaliated by targeting U.S. merchandise including agricultural products such as soybeans and corn.

Speaking at the signing ceremony, Hung said that following a similar soybean purchase agreement signed by a delegation from Taiwan last year, Taiwan signed another accord this year to buy more soybeans.

In the two purchase agreements, Taiwan plans to buy a maximum of 3.9 million metric tons of soybeans worth up to $1.56 billion during 2018-2019.

Taiwan is Minnesota's sixth-largest export market, and a key trading partner for the state's agricultural products.

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