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U.S. Soy Exports Drive $39.8 Billion Economic Expansion
U.S. Soy Exports Drive $39.8 Billion Economic Expansion

U.S. Soy Exports Drive $39.8 Billion Economic Expansion

  • 06-Feb-2024 12:44 PM
  • Journalist: Jacob Kutchner

U.S. Soy exports, encompassing whole soybean, soybean meal, and soybean oil, made a substantial contribution of $39.8 billion to the U.S. economy during the marketing year (MY) 22/23, with a total volume of 67.6 million metric tons (MMT). Notably, U.S. soybean meal exports reached unprecedented heights, setting new records in both volume and value, registering 13.2 MMT and $6.91 billion, respectively. The performance of U.S. Soy exports in MY 22/23 was remarkable, particularly with the exceptional achievement of soybean meal exports, underscoring the industry's commitment to meeting global demand while upholding sustainability standards.

As the global demand for soy products continues to rise, addressing food security challenges remains a key priority, with sustainability being paramount in this endeavor. U.S. Soy remains at the forefront of this mission, emphasizing innovation and sustainability to ensure that its products contribute to both nourishing populations and preserving environmental integrity. Through a steadfast dedication to quality, reliability, and forward-thinking practices, U.S. Soy maintains its position as a global leader in agriculture, shaping a brighter future for generations to come.

Over the past five years, increased demand from Colombia and Ecuador has significantly boosted U.S. soybean meal exports, surpassing their respective five-year averages by 15% and 36%. Moreover, higher volumes and prices have driven a 39% increase in the value of U.S. soybean meal exports compared to the five-year average from MY 17/18 to MY 21/22. Looking ahead, projections indicate a continuous rise in soybean production over the next decade, enabled by advancements in technology, innovation, and improved plant varieties. This upward trajectory will enable the U.S. Soy industry to meet the growing demand for both international whole soybean exports and domestic soybean crush.

In MY 22/23, the top five markets for U.S. soybean meal exports were the Philippines, Mexico, Colombia, Canada, and the European Union (EU), with Ecuador, Venezuela, and Guatemala closely following suit. Despite persistent global challenges such as the COVID-19 pandemic, climate issues, geopolitical conflicts, and currency fluctuations, the volume of U.S. whole soybean exports remained consistent, matching the previous five-year average of 54.4 MMT. This steadfast demand underscores the superior value proposition of U.S. Soy, including its nutritional benefits, low carbon footprint, minimal damage, and reliability, all of which contribute to enhancing the quality and sustainability of food and feed products globally.

Conversely, U.S. soybean oil exports experienced an 82% decline from the five-year average to 171,500 metric tons, attributed to increased investments in renewable fuels in the United States. Despite this dip, total U.S. Soy complex exports to key markets such as China, Mexico, the EU, Japan, and the Philippines remained robust. Notably, Vietnam witnessed significant growth in U.S. Soy complex imports, up by 40% from the previous marketing year, while markets like the EU, Indonesia, South Korea, and China demonstrated moderate year-over-year growth.

Although export volumes remained consistent with the previous five-year average, higher prices drove a considerable increase in the value of U.S. Soy complex exports, soaring 35.9% above the previous five-year average from 2018/19 to 2022/23. This positive trajectory underscores the global impact of soy produced in the United States, with the U.S. Soy brand committed to driving progress in global nutrition, climate solutions, and community support. Powered by industry innovation, the dedication of farming families, and collaborative efforts to raise awareness and develop new markets, U.S. Soy envisions a world where soy plays a fundamental role in addressing humanity's most pressing challenges.

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