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Taiwan to Purchase $4 Billion in US Corn in Next Two Years

Taiwan to Purchase $4 Billion in US Corn in Next Two Years

16 September 2013

TAIWAN- The Taiwanese Agricultural Goodwill Mission signed a letter of intent with the US Grains Council, committing to purchase 5 million metric tons (197 million bushels) of US corn in 2014 and 2015.

In addition, 0.5 million tons of distiller's dried grains with solubles (DDGS) will be included in the memorandum.

The total value of intended purchases of soybeans, wheat, corn and corn co-products is estimated to exceed $4 billion, making Taiwan's letter of intent evidence of a US commitment to strengthen trade ties and maintain a well-established partnership with the nation.

"Over the last 40 years, Taiwan has been one of the most import export markets for US coarse grains and products," said Julius Schaaf, USGC chairman.

"With Taiwan producing less than one percent of its needed grains, the United States is able to be a major supplier to the nation. In 2011-2012, Taiwan was the sixth-largest US corn market, the third-largest US barley market and the seventh-largest US sorghum market. The Council is proud of the partnership we have had with Taiwan for many years and are excited for the possibilities that continue to grow from this partnership."

The Council has played an integral role in building and sustaining close ties between the United States and Taiwan. Even though US agriculture exports to Taiwan are facing increasing competition from other suppliers, the Council continues to offer customer service, through providing timely and objective market information and assuring the Taiwanese of the quality and reliability of US coarse grains and products. Through this relationship, Taiwan has remained one of the most stable markets for US agriculture.

 

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