Taiwan officials visit Kentucky in anticipation of future corn, soybean purchases
FRANKFORT, Ky. (WTVQ) — Members of Kentucky corn and soybean associations joined representatives from the Republic of China (Taiwan) at an event Friday, Sept. 16 to sign a letter of intent for Taiwan to purchase corn and soybean products from United States farmers over the next two years.
The Taiwan delegation traveled to central Kentucky from Sept. 16-18 to visit four farms, an agribusiness, a distillery and the Kentucky Bourbon Festival. During their visit, representatives joined together to officially sign agreements for future purchases of U.S. farm products. The delegation also made visits to Washington, D.C., Illinois, Iowa and Minnesota.
“These agreements could allow Kentucky farmers to continue to benefit from one of the United States’ great trade partners,” Commissioner of Agriculture Dr. Ryan Quarles said in a press release. “Agricultural exports are a mutually beneficial agreement for our farmers and those who receive the quality products we produce.”
According to a press release, during this year’s visit, the Taiwan Feed Industry Association agreed to purchase 59 million bushels of corn from U.S. producers at a cost between $1.9 billion and $2.1 billion.
Last year, Taiwan imported nearly $3.9 billion worth of U.S. farm products, making it the seventh largest market for U.S. agricultural products overall, the fourth largest market on a per capita basis among the top 10 U.S. agricultural export destinations, and the seventh largest market for U.S. corn and soybeans, according to a press release.