Taiwan: Oilseeds and Products Annual

Taiwan’s soybean imports are projected to reach 2.66 million metric tons (MMT) in marketing year (MY) 2021/22 after an expected decline in MY 2020/21 to 2.56 MMT. Stocks are trending downward to 112,000 MT and 87,000 MT in MY 2020/21 and 2021/22, respectively, as a result of reduced imports. With Taiwan’s success in controlling the COVID pandemic, most normal economic activity resumed from Q2 2020 onward. Soybean crush, meal, and oil consumption levels were all balanced by higher domestic consumption resulting from the lack of international travel but also the lack of foreign visitors to Taiwan. Food use and feed remains stable, as livestock expansion is constrained by overall economic growth. With COVID-19’s impact on logistics, containerized shipping from the United States faces additional challenges during the U.S. harvest season in MY 2020/21, likely leading to a decrease in U.S. soybean market share.