Taiwan Goodwill Mission Members Sign Agreement To Continue Purchases of U.S. Corn, DDGS in 2020/2021

Taiwan signed a memorandum of understanding Wednesday committing to purchase 5 million metric tons (197 million bushels) of U.S. corn and 500,000 tons of U.S. distiller’s dried grains with solubles (DDGS), extending their stable buying commitment for another two years. The signing ceremony was held at the U.S. Capitol.

The members of the Goodwill Mission also signed letters of intent to purchase soybeans and wheat. The team is part of a long-term effort to maintain economic ties between Taiwan and the United States.

Taiwan has grown into a top 10 market for U.S. corn, a goal achieved with the support of the U.S. Grains Council’s (USGC’s) work with the feed and livestock industries there since 1973.

The Goodwill Mission has been organized by the Taiwan Economic and Cultural Representative Office (TECRO) every other year since 1998 and allows Taiwanese participants to gain familiarity with U.S. coarse grains’ yield, production and quality. The Goodwill Mission also provides education on the advantages of U.S. coarse grains and co-products as well as reconfirms the commitment by the United States to serve as a long-term, reliable supplier for Taiwan.

“The recurring Goodwill Mission continues to demonstrate the commitment the two partners have to continued purchases and heightened confidence in U.S. agricultural products,” said USGC Chairman Darren Armstrong. “The programs we’ve worked on together have allowed the Council and our partners in Taiwan to develop the agricultural industries and improve the lives of all our citizens. We are very thankful to continue this healthy trading relationship with Taiwan.”

Armstrong participated in the Wednesday signing ceremony on behalf of the Council and U.S. corn and DDGS producers.

The Taiwanese delegation was also honored Tuesday at a reception in Washington with government officials and representatives of the agriculture industry, sponsored jointly by the Council, U.S. Wheat Associates, the U.S. Soybean Export Council (USSEC) and other agricultural trade associations.

While in the United States, the Taiwanese representatives will visit Illinois, Indiana, Mississippi and Nebraska they will sign additional purchasing memoranda with each state. During their travels, participants will tour farms and elevators, meet with local producers, agriculture groups and policymakers and learn about the U.S. agricultural value chain.

Taiwan is the eighth largest market for U.S. agricultural products, led by U.S. grains, with a total value of $4.3 billion dollars in 2018. According to the U.S. Department of Agriculture’s Foreign Agricultural Service, Taiwan purchased 3.21 million metric tons (126 million bushels) of U.S. corn at a value of $593 million in 2018, with U.S. corn holding a 76 percent market share.

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Contact:
Bryan Jernigan, bjernigan@grains.org