Taiwan: Oilseeds and Products Annual

Taiwan’s soybean imports are forecast at 2.65 MMT for MY2022/2023 and MY2023/2024. In MY 2021/2022, Taiwan imports of soybeans reached a record high of $1.74 billion. To stabilize commodity prices and reduce inflationary pressure for consumers, since February 2022 Taiwan has waived business taxes on imported soybeans, currently set to expire on June 30, 2023. This move has kept soybean imports stable despite the reduced feed demand due to HPAI. The Russia-Ukraine war and inflationary pressures from global recoveries continue to be the main sources of price volatility affecting Taiwan’s soybean import decisions.