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.
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.Click here to see more...