Industries Ports/Trade

Taiwanese importers sign letters of intent to buy Virginia soybeans and corn

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Taiwanese importers have signed letters of intent to purchase Virginia-grown soybeans and corn as part of their plan to purchase $5 billion worth of these commodities in the U.S. in 2012 and 2013.

The letters were signed earlier this week in Richmond. The Taiwan Vegetable Oil Manufacturers Association plans to purchase up to 110 million bushels of U.S. soybeans and 413 million bushels of U.S. corn over two years. That will include commodities grown in Virginia.

“Taiwan’s selection of Virginia as the lead state for the visiting trade delegation serves to underscore the aggressive trade agenda that the McDonnell administration has undertaken to boost sales in the global marketplace,” Virginia Agriculture and Forestry Secretary Todd Haymore said in a statement.

Virginia was the first stop on a five-state agricultural trade mission by the Taiwan delegation. In 2010, Taiwan was the 14th largest export market for Virginia agricultural products.

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