Taiwan buys $2 billion in Iowa grain
In the last ten years, there have been many visits between Taiwan and Iowa on the topic of trade.
In a signing ceremony on September 15, Taiwanese delegates committed to buying Iowa corn and soybeans. The letter of intent signed says Taiwan will buy 5 million metric tons (200 million bushels) of corn and half a million metric tons of Distillers Dried Grains and Solubles between 2018 and 2019, worth combined $1.05 billion.
The country will also buy intends to purchase between 2.6 and 2.9 million metric tons (96 to 107 million bushels) of soybeans between 2018 and 2019. That value is estimated to be from $1.1 billion and $1.2 billion.
Iowa Lieutenant Governor Adam Gregg was at the signing ceremony. He says the deal outlines an important part of Iowa agriculture profitability: trade.
Gregg says, "We cannot consume all the corn and beans produced in this state and so it's important that we have markets all across the country and all around the world for those products. So it's one way that Governor Reynolds and I can work to make sure that Iowa farmers have the opportunity for prosperity here in our state."
Iowa Congressman Steve King was a witness at the signing ceremony and has spent time in Taiwan promoting Iowan products. He says he spoke to the Taiwanese president and other top officials about Iowa corn and soybeans.
He adds on trips away from the U.S., there's a lot of work that goes into making relationships work, "Our Iowa agriculture organizations, they are the team. I'm the support guy for them. And they are constantly sending people over, communicating with the Taiwanese and they've built a good network to promote foreign trade. Our Iowa corn growers, our soybean association, and it goes on and that's also true for the Taiwanese team."