The EU’s imports of US soyabeans have skyrocketed 283% compared to the year before, bringing the bloc’s share of total US soyabean exports from 9% in 2016/17 to 37% in 2017/18.
The rise in imports followed the 25 July joint statement between EU Commission President Jean-Claude Juncker and US President Donald Trump, in which they agreed that the EU and the US would work to increase trade in soyabeans, wrote World Grain on 1 August.
“The EU can import more soyabeans from the USA and this is happening as we speak. This is a win-win situation for European and American citizens,” said Juncker.
In addition to soyabeans, soya meal imports also rose, with 185,000 tonnes imported in July 2018, a massive 3,337% jump compared with July 2017.
The increase brought the USA’s share of total EU soya meal imports up from 0.3% in 2017 to 13% in July 2018.
World Grain said the EU had also implemented a bi-monthly reporting mechanism on the evolution of soyabean trade with the USA, which would include information on import volumes, US share of total EU soya imports and price movements.
The European Commission (EC) said the EU needed soya as a protein for animal feed and it currently imported roughly 30M tonnes/year of soya due to being unable to produce enough beans on its own.
US soyabeans and soya meal were the most competitively priced feed options for European importers and end users, the EC added.