Taiwan: Oilseeds and Products Annual
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Taiwan’s soybean imports are projected to fall to 2.45 million metric tons in marketing year 2019/2020 due to slowing demand in both food and feed use driven by the ongoing novel coronavirus pandemic. Crush, soybean meal production, and oil consumption are all revised lower as the hotel, restaurant, and institutional sector remains depressed given changes in consumer behavior due to COVID-19. Container availability issues and cost increases in the United States may negatively impact U.S. soybean market share in Taiwan over the coming year. Demand for cooking oil is falling as COVID-19 effects consumers’ willingness to eat out and social distancing has other negative impacts on restaurants. Given the effectiveness of the Taiwan Model in treating COVID-19 and Taiwan authorities continued efforts to buoy domestic livestock producers, demand is expected to recover sometime in marketing year 2020/2021.
