U.S. soy’s combined exports (whole soybeans, meal and oil) achieved a record value of $40.42 billion for the marketing year (MY) 2021/22, up 17% year-on-year.
The U.S. Soybean Export Council (USSEC) reports export volumes reached 71.79 million metric tons (MMT), the second-highest on record, according to the USDA Economic Research Service and Foreign Agricultural Service.
While year-on-year exports value grew 17% and volume dipped 4%, long-term growth continued with value growing 50% and volumes up 6.3% on a five-year average.
Strong performance across U.S. soy products
- Whole soybean export volumes at 58.72 MMT were 7.8% higher than the five-year average, with China, the EU and Mexico being the top three markets
- Soybean meal export volumes at 12.69 MMT were 1.6% higher than the five-year average with Philippines, Mexico, and Colombia being the top three markets
- Soybean oil export volumes at 804,272 MT were 22.7% lower than the five-year average with India, South Korea, and Mexico being the top three markets
“Despite the unprecedented impact of COVID, conflict, and climate events, I am proud of the value delivered for all our stakeholders,” said Jim Sutter, USSEC CEO and Chairman of U.S. Agriculture Export Development Council.
“We expect to see these challenges continuing in MY 22/23 including economic contraction and inflation. Yet we are confident that when companies and countries choose sustainable solutions, collaborate, and advance open trade, together we can create positive impact.”
Diversification and expansion approach continued to drive export volume growth
According to USSEC, MY 21/22 saw double-digit volume growth in emerging and expansion markets including:
- Mexico 11%
- Egypt 52%
- Ecuador 23%
- Venezuela 58%
- Turkiye 1908% (post lifting of restrictions)
- Tunisia 44%
- Algeria 204%
- Nepal 15%
- India 184%
USSEC reports global poultry, pork and aquaculture consumption are forecast to grow 17.8%, 13.1%, and 23%, respectively, by 2030.
Global soyfoods per capita consumption grew 24% to 2.67 kg (5.88 pounds) in 2020 from 2.16 kg (4.76 pounds) in 2010.
As consumers, food companies and countries increase their focus on value, sustainability and transparency, U.S. soy is strongly positioned to meet global needs as a key source of sustainable protein.
According to USSEC, soy is the U.S.'s number one food and agricultural export, and the U.S. is the world’s second largest producer and exporter of soy.