Taiwan will increase soybean imports due to rising feed demand

Published 2024년 4월 16일

Tridge summary

Taiwan is projected to increase its soybean imports by 3.5% to 2.65 million tonnes in the 2023-24 marketing year, driven by a resurgence in feed demand after a decline due to animal disease the previous year. This growth is mainly due to the recovery in the pig and poultry sectors. Despite facing challenges such as logistics issues in the Panama Canal and Red Sea region, and the impending expiration of a government measure that removed commercial tariffs on soybean imports to fight inflation in June 2024, Taiwan's reliance on soybean imports continues. The country's minimal domestic production is hindered by the preference for other crops, limited farmland, and the competitiveness of imports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After animal disease reduced feed demand in Taiwan last year, consumption is expected to rebound in the 2023-24 marketing year, leading to higher soybean imports, according to a report from the USDA's Foreign Agricultural Service (FAS). Soybean imports are forecast to increase by 3.5% to 2.65 million tonnes to meet increased feed demand, which FAS says is "driven by a recovery in the pig and poultry sectors." Taiwan produces very little soybeans (about 6,000 tons) due to the dominance of rice and other crops, a lack of available farmland and import competitiveness, FAS said. But production has risen from virtually zero in 2012. Taiwan faces a number of obstacles related to soybean imports. FAS noted that in the first half of the current marketing year, logistics issues in the Panama Canal and Red Sea region made it difficult to obtain bulk ...

Source: Milknews