Soy Exports Add Nearly $40B to US Economy

“U.S. soy exports in marketing year 22/23 were nothing short of extraordinary,” said Steve Reinhard, board chair, United Soybean Board and Ohio farmer. Total U.S. soy complex exports including whole soybeans, soybean meal, and soybean oil, totaled a volume of 67.6 million metric tons and added $39.8 billion to the U.S. economy. But taking the spotlight was U.S. soybean meal exports which broke records for both volume at 13.2 million metric tons, and for value at $6.91 billion.When examining the total U.S. soy complex, the top five markets during MY22/23 were China at 31 million tons; Mexico at 6.6 million tons; the EU at 6.4 million tons; Japan at 2.7 million tons, and the Philippines at 2.3 million tons. 

As U.S. processors increase domestic soybean crush capacity, and demand has increased from both Colombia and Ecuador, which boosted their U.S. soybean meal exports by 15 percent and 36 percent respectively above their five year averages, total U.S. soybean exports increased in value by 39 percent over the five-year average. 

Despite global challenges including COVID, conflicts, climate variances, and currency volatility, the volume of U.S. whole soybean exports kept pace with its five-year average at 54.2 million metric tons.

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