Beans By the Billions Edition

In 2022, Council Chair Joe Serbus signed a Letter of Intent with the Taiwan Vegetable Oil Manufacturers Association (TVOA), an agreement worth approximately $2 billion that will bene t the state’s nearly 28,000 soybean farmers. The agreement, which was last signed in 2018, is the culmination of strategic soybean checko investments over the decades that focused on growing the Taiwanese market.

In 2018, Council CEO Tom Slunecka joined Taiwanese leaders and Minnesota agriculture o cials for a signing ceremony at the Governor’s Mansion. The following year, Slunecka, strengthened the relationships by participating in USDA’s rst-ever Taiwanese trade mission.

As of 2021, Taiwan is the seventh largest market for U.S. agricultural exports. The U.S. supplies about 27% of Taiwan’s agricultural imports

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Since 1998, Taiwan has imported 40.5 million MT (equivalent to 1.5 billion bushels) of soybeans, a value of $15.1 billion MT (equivalent to 1.5 billion bushels) of