King: Taiwan Announces Intent to Purchase $3.6 Billion in Corn, Soybeans, Wheat, and Beef
Congressman Steve King announces that the nation of Taiwan has signed letters of intent to purchase $3.6 billion of American corn, soybean, wheat, and beef over the next two years. The letters of intent were signed at a ceremony King participated in yesterday afternoon, and were a highlight of the 2019 Taiwan Agricultural Trade Goodwill Mission to Washington D.C.
Congressman Steve King stands with Members of Congress and representatives of the Taiwanese Trade Delegation to witness the signing of the Letters of Intent to purchase $3.6 billion of agricultural products.
“I am pleased that the Taiwanese continue to make the purchase of American corn, soybeans, wheat, and beef a priority,” said King. “I have traveled to Taiwan twice, and I have sent members of my staff to the island on six occasions, and this has strengthened the working relationships I have developed with the Taiwanese trade delegation. The Taiwanese were greatly impressed with what they saw when I brought trade delegation members to Iowa to tour farms in Nevada and Hinton last September. We have cultivated relationships with Taiwan, and they have yielded well.”
The letters of intent signed today indicate that Taiwan will be purchasing 370 million bushels of grain between 2020 and 2021, for a total purchase of $1.1. billion in U.S. corn (approximately 197 million bushels of corn and 0.5 million metric tons of corn coproducts), $1.1 billion in U.S. soybeans (approximately 97 million bushels), and $576 million of U.S. wheat (approximately 66.1 million bushels). In addition, the Taiwanese intend to purchase approximately $960 million in U.S. beef.
King has a long record of successfully working to increase the sale of American agricultural products to Taiwan. In September of 2018, King hosted a tour of Iowa farms for a Taiwanese agricultural procurement delegation. King has also previously met in Taiwan with officials within the Taiwanese government, including Taiwanese President Tsai Ing-Wen, to promote increased trade in U.S. grains.