U.S. Soy Exports Earn Record $40.42 Billion on Second-Highest Volumes of 71.79 MMT in Marketing Year 21/22

Dec 02, 2022

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U.S. Soy Exports Earn Record $40.42 Billion on Second-Highest Volumes of 71.79 MMT in Marketing Year 21/221

  • U.S. Soy’s optimal nutritional and refining value, lowest carbon footprint2, transparency, reliability and collaboration continue to be a competitive advantage.
  • U.S. Soy exports value up 17%, volume dips 4% year-on-year.
  • Exports value up 50% and volumes up 6.3% over the previous five-year average.
  • U.S. Soy Sustainability Assurance Protocol shipments up 42% to record 40.25 MMT.3
  • Double-digit volume growth in Emerging and Expansion markets, including Mexico, Egypt, Ecuador, Venezuela, Turkey, Tunisia, Algeria, Nepal, and India.

ST. LOUIS (Dec. 1, 2022) – 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. 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. This reaffirms the success of USB’s strategic plan to create and promote the unique identity, value and versatility of U.S. soybeans and soy products.

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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.

Diversification and expansion approach continued to drive export volume growth

MY 21/22 saw double-digit volume growth in emerging and expansion markets including Mexico 11%, Egypt 52%, Ecuador 23%, Venezuela 58%, Turkey 1908% (post lifting of restrictions), Tunisia 44%, Algeria 204%, Nepal 15%, and India 184%.

U.S. Soy innovation, sustainability, services, and collaboration deliver solutions

A commitment to innovation, sustainability, service, collaboration, consistent investment and long-term impact ensured the soy checkoff continued to create value for all its stakeholders.

Global poultry, pork and aquaculture consumption are forecast to grow 17.8%, 13.1%, and 23%, respectively, by 20304. Global soyfoods per capita consumption grew 24% to 2.67 kg in 2020 from 2.16 kg in 20105. 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. U.S. Soy is the United States’ number one food and agricultural export. The U.S. is the world’s second largest producer and exporter of soy.

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