The deputy agriculture minister, Huang Jin-cheng, says Taiwan’s deal on the purchase of US produce will help alleviate the Taiwan-US trade deficit. An agriculture trade mission from Taiwan has been in the US since Wednesday. It has signed a letter of intent for the purchase of US$3 billion worth of US soybean, wheat and corn over the next two years.
Huang said the quality of US produce is good. He said the purchase will not only meet Taiwan’s needs, but it would also alleviate the Trump administration’s pressure over the trade deficit.
Taiwan’s representative office in Washington says Taiwan is America’s fifth-largest export market for wheat, and the sixth-largest market for corn and soybeans. Overall, Taiwan was the seventh-largest importer of US agricultural produce last year. With a bilateral trade volume of US$65 billion last year, Taiwan is America’s tenth-largest trading partner.