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.
“As farmers, we have a deep commitment and responsibility to nourish the world sustainability. MY21/22 marks another successful year for the soy checkoff, with record high value and the second-highest ever export volumes. This is largely attributable to the soy checkoff’s sustained investment and commitment to delivering solutions that create long-term value for all our stakeholders,” said Doug Winter, USSEC Chairman, USB Director, and Illinois soybean farmer.
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.
For example, in MY 21/22, the U.S. Soybean Export Council (USSEC), an organization ideated and supported by the American Soybean Association and United Soybean Board, launched the U.S. Soy Delivers Solutions marketing campaign in 14 languages to drive increased customer preference for U.S. Soy’s advantages in the animal nutrition, aquaculture, oil and soyfoods sectors. USSEC leveraged soy checkoff funding and scientific research findings that soybean meal derived from U.S. soybeans delivered the optimal nutritional bundle, better animal performance, and superior value versus soy of other origins. USSEC also launched the Soybean Value Calculator – an innovative tool that calculates the economic advantage of soy from various origins. In aquaculture, the In-Pond Raceway System continued to see uptake. In oil, the High Oleic Soy Sourcing Guide was launched, and the Specialty U.S. Soy Database saw rising usage.
As consumers, companies and countries seek increasing actions on sustainability and transparency, the U.S. Soy Sustainability Assurance Protocol (SSAP) was enhanced to enable customers to transfer SSAP certificates up to four times while keeping records of sustainable U.S. Soy purchases and report progress on Environmental, Social and Governance (ESG) goals.
In MY 21/22, SSAP verified shipments grew 42% year-on-year, touching record volumes of 40.25 MMT and constituting a record 58% of total U.S. Soy exports. Additionally, the “Sustainable U.S. Soy” and “Fed with Sustainable U.S. Soy” labels saw increased adoption on 850+ product packs.
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.
1 USDA Economic Research Service and Foreign Agricultural Service Report, Nov 29, 2022
2 Blonk Consultants, Agri-footprint database 5.0 analysis, 2019
4 Organisation for Economic Co-operation and Development (OECD) – Food and Agriculture Organization 2021 Agriculture Outlook Report
About the United Soybean Board: United Soybean Board’s 77 volunteer farmer-leaders work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers create value by investing in research, education and promotion with the vision to deliver sustainable soy solutions to every life, every day across the three priority areas of Infrastructure & Connectivity, Health & Nutrition, and Innovation & Technology. As stipulated in the U.S. Federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff. For more information on the United Soybean Board, visit unitedsoybean.org.
United Soybean Board