Taiwan: Oilseeds and Products Annual

Taiwan’s soybean imports are projected to reach 2.63 and 2.65 MMT in MY2021/22 and MY 2022/23. Soybean import demand will be buoyed by steady feed demand as well as exports and demand for soybean oil. In MY 2020/21, Taiwan’s COVID-19 control restrictions in Q2-Q3 had some negative impact on demand from the HRI sector, especially for soybean oil and palm oil which are favored in commercial use. Logistical challenges and inflationary pressure from the global pandemic recovery along with the Russia-Ukraine crisis have increased price volatility. Despite much higher soybean prices, declining imports for containerized soybean meal alternatives due to availability and predictability issues also will likely keep bulk soybean imports steady.