News

Taiwan will increase soybean imports due to rising feed demand

Soybean
Taiwan
Market & Price Trends
Published Apr 17, 2024

Tridge summary

Taiwan is set to see a 3.5% increase in soybean imports, reaching 2.65 million tonnes in the 2023-24 marketing year, following a decline due to animal disease impacting feed demand last year. This anticipated growth is attributed to the recovery of the pig and poultry sectors. Despite facing challenges such as logistics issues in the Panama Canal and Red Sea region, and the upcoming expiration of a tariff removal measure in June 2024 aimed at stabilizing commodity prices, Taiwan's minimal domestic soybean production has seen a slight increase from almost none in 2012.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After animal disease reduced demand for feed in Taiwan last year, consumption is expected to rebound in the 2023-24 marketing year, leading to higher soybean imports. Soybean imports are forecast to increase 3.5% to 2.65 million tonnes to meet increased feed demand 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. But production has risen from virtually zero in 2012. Taiwan faces a number of obstacles related to soybean imports. 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 supplies from the ...
Source: Oilworld
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