Taiwan: Oilseeds and Products Annual

Taiwan’s soybean imports are forecast at 2.65 MMT for MY2023/2024 and MY2024/2025, a slight recovery from the previous MY. Weakness in feed demand due to animal diseases was one of the causes for lower soybean imports and reduced crush for MY 2022/2023. Feed demand is expected to recover in MY 2023/2024 based on recovery in both the hog and poultry sector. In the first half MY2023/2024, logistics issues in both the Panama Canal and the Red Sea region have made U.S. bulk soybean shipments from the Gulf Coast challenging. Most U.S. soybeans shipping out of U.S. Pacific Northwest are in the form of containerized shipments. Since February 2022, Taiwan has waived business taxes on imported soybeans to stabilize commodity prices and reduce inflationary pressures. This measure is currently set to expire on June 30, 2024.