US Soybean Exports Statistics 2023

The US exported Soybeans worth $34.48 billion in 2023. Discover the latest US soybean export statistics for 2023. Uncover key insights about soybean production, export partners, buyers, and suppliers in this comprehensive overview.

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The US soybean marketplace is a crucial element of the global agricultural industry. As certainly one of the largest producers and exporters of soybeans, the USA plays a vital role among worldwide providers of this flexible crop. The soybean enterprise has continually been a dominant participant in the international market, and 2023 projections suggest that it'll continue to dominate with support from organizations including the USA. The Soybean Export Council there has enabled the country to put itself as a reliable supplier of soybeans and has avoided the Soybean export decline. The HS code for Soybeans is 1201. The US Soybean exports accounted for a total value of $28 billion in 2023. The US soybean exports have increased to 315 million bushels in 2023–2024. This month, soybean export estimates for advertising year (MY) 2023–2024 were reduced to at least 1.7 billion bushels after the US Exports increased. Fermented soybeans stay steady in the face of declining soybean commitments and fierce competition from Brazil. The US soybean crushing remains steady. Seasonal discipline fees had been about $12.65 a bushel, down 10 cents from the ultimate month because of higher completed inventories. In this article, we will examine the US Soybean export statistics for 2023, focusing on the top producers, exporters, major buyers, suppliers, and the key trends for US soybean exports in 2023.

How much Soybean does the US export?

The United States remains the dominant worldwide strength in soybean exports. The US exported $34.48 billion worth of soybeans in 2023 with a percentage of 36.7% in global exports. The United States is the second biggest exporter of soybeans, while Brazil is the biggest exporter of soybeans with a value of $46.66 billion in 2023, totaling 46.7% of world exports abroad and continually leads in soybean manufacturing and subsequent exports. In recent years, the United States has exported awesome quantities of soybeans, contributing extensively to international markets. According to the latest reports, the U.S. Exported approximately 44.8 million MT of soybeans in the previous closing monetary year alone, growing to 57 million MT in 2023. This astounding figure underlines the USA’s dominance in the soybean export industry.

Cost of all exports: $28 billion.
Total extent (in hundreds of thousands) is 57 metric tons.
3 years average: $29.1 billion.
Average combination increment: 4.8% of the population.

The US Soybean Export Council

The US Soybean Export Council (USSEC) plays an important position in the US. In soybean industry development. The enterprise now not best facilitates increased export markets, but additionally helps research and innovation in soybean production and processing. USSEC works with farmers, enterprise stakeholders, and government companies to promote U.S. Agriculture. The soybean market position is strengthening globally. The U.S. The Soybean Export Council (USSEC) aims to advantage marketplace to get the right of entry to differentiate and make the U.S. Applicable to consumers. Using soybeans in aquaculture, animal feed, and human nutrients in more than eighty countries worldwide has multiplied. Together they represent the whole soybean delivery. U.S. Soybean Checkoff, Industry, and USDA Foreign Agricultural Service (FAS) matching funding for USSEC.

Soybean production – How much Soyabean does the US produce?

One of the principal reasons America has led the way in soybean exports is its fantastic manufacturing capability. The HS code for Soybeans is 12081000. While The HS code for US soybeans is 1201.10. This code is used globally to classify and track the import and export of soybeans originating from the United States. The US has fertile soil and favorable weather for soybean cultivation. In 2023, the USA experienced a soybean surplus, contributing substantially to the boom of its export marketplace. In 2023, the US produced 4.16 billion bushels of soybeans, additionally called soybeans, down by 106 million from the year before. The figures display production volumes that will surpass previous years, reaffirming the country’s popularity as the arena’s largest producer of soybeans.

Where does the US export soybeans to?

The US exports most of its soybeans to China worth a total value of $15.16 billion in 2023. The United States soybean industry is an international powerhouse, and its achievement depends closely on its nice-in-class export partners. These partners not only play a crucial role in driving the US soybean market but also contribute significantly to the country's agricultural economy. The United States exported the largest quantity of soybeans to China in 2023. The top 10 export partners of the US for soybeans in 2023 are:

Export Partners	Q1-2023	Q2-2023	Q3-2023
China	$6.20 billion	$766.85 million	$862.91 million
Mexico	$963.34 million	$448 million	$526 million
Germany	$523.78 million	$294 million	$484 million
Japan	$413.68 million	$280.29 million	$272.40 million
Italy	$372.45 million	$31.75 million	$261 million
Indonesia	$418.10 million	$287.98 million	$232.21 million
Egypt	$187.97 million	$113.45 million	$106.49 million
Netherlands	$81.38 million	0	$84.34 million
Chinese Taipei	$200.73 million	$53 million	$75.55 million
Vietnam	$143.71 million	$29.88 million	$49.40 million

Who are the top Buyers and Suppliers of US soybeans?

The US soybean market attracts several buyers and suppliers. China, the arena’s biggest importer of soybeans, relies on US imports. Increased soybean shipments to fulfill home demand. The country’s developing middle magnificence and growing consumption of soy-based products are riding the call for soybeans. The strong trade relationship between the US and China ensures a significant market share for US soybean exports. Soybeans are a precious crop in the United States and a first-rate export producer of this flexible legume. As demand for soybean products will increase globally, it's miles critical to pick out key gamers in the US. Soybean consumers and suppliers to the marketplace of the US Soybeans. The top 10 buyers and suppliers of the US Soybean include:

Suppliers

Buyers

What does the future hold for US Soybean exports?

The future of the US Soybean exports presents demanding situations and possibilities. While current trade disputes between the U.S. And China have had a major impact on soybean exports, signs of potentially vibrant possibilities are the demand for excessive protein meals in growing countries, with increasing urbanization alongside populace growth. In addition, persevered advances in agricultural technology and improved agricultural practices may want to enhance U.S. Exports. Soybean yields and satisfaction have accelerated, making them more competitive in worldwide markets.

The US Soybean manufacturing forecasts for the 2023–24 advertising year (September–August) are appreciably lower than pre-season estimates because of sizeable acreage declines and extended adverse climate This is expected to choose Brazil oilseed exports early in the following year. The US Soybean manufacturing started at an outstanding 122.74 million metric tons in mid-May 2023-24 with an annual yield of 52 bushels/acre, up 5%, and an acreage estimate of 87.5 million acres. Brazil, the world’s largest manufacturer and exporter of soybeans, is probable to gain the most from the United States. Soybean farmers in hassle in 2023–2024 Brazilian soybean exports are anticipated to develop appreciably in 2024 with the most important soybean manufacturer, the U.S. Crop troubles, favorable and sustainable currency prices sturdy international demand.

What is the current price of US soybean?

The price of US soybeans is currently 487.49, down from 519.75 the previous month and from 628.38 the year before. This represents a shift of -22.42% from a year ago and -6.21% from the previous month.

Who is the biggest exporter of Soybean?

Brazil is the biggest Soybean exporter with its global soybean exports accounting for $53.24 billion in 2023, an increase of $6.58 million from the previous year. Brazil's main agricultural export crop by volume is now soybeans, which make up over 60% of the country's soybean crop.

Who is the largest US soybean producer in 2023?

Among the most widely cultivated crops in the US are soybeans, second only to corn. In the upper Midwest, soybeans are grown to a greater extent than 80%. With about 649 million bushels produced in 2023, Illinois led the list as the largest producer of US soybeans.

Who Exports the most soybeans to the US?

Brazil exports the most soybeans to the US, as the US imported soybeans worth $219.95 million from Brazil in 2023.

Conclusion

In conclusion, the US Soybean export statistics for 2023 give a promising outlook for the US soybean enterprise. With the help of the Soybean Export Council, the US is a key participant in the global market. Favorable manufacturing conditions, robust exchange partnerships, and reliable customers and providers make contributions to US Soybean Exports making it a success. As the call for soy-primarily based products grows globally, the US is seeing a surge in calls for soy-based products. The soybean industry is well placed to fulfill these needs and hold the international market management in the coming years.