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Total soyabean exports in the USA – including soyabeans, soyabean meal and soyabean oil – earned a record US$40.42bn in the 2021/22 marketing year, Feed&Grain reported.

The earnings represented a 17% year-on-year increase, the 5 December report said.

Export volumes reported by the US Soybean Export Council (USSEC) totalled 71.79M tonnes – the second highest on record, according to the United States Department of Agriculture (USDA)’s Economic Research Service and Foreign Agricultural Service.

Although the value of year-on-year exports grew by 17% - with a 4% dip in volume – long-term growth continued with value growing by 50% and volumes up 6.3% on a five-year average.

Whole soyabean export volumes totalled 58.72M tonnes – 7.8% higher than the five-year average – with China, the European Union and Mexico the top three markets.

Soyabean meal export volumes at 12.69M tonnes were 1.6% higher than the five-year average with Colombia, Mexico and the Philippines as the top three markets.

At 804,272 tonnes, soyabean oil exports were 22.7% lower than the five-year average with India, Mexico and South Korea the top three markets.

“Despite the unprecedented impact of COVID, conflict, and climate events, I am proud of the value delivered for all our stakeholders,” USSEC CEO and chairman of US Agriculture Export Development Council Jim Sutter said.

“We expect to see these challenges continuing in the 2022/23 marketing year (MY), including economic contraction and inflation. Yet we are confident that when companies and countries choose sustainable solutions, collaborate, and advance open trade, together we can create a positive impact.”

According to the USSEC, the 2021/22 marketing year saw double-digit volume growth in emerging and expansion markets, including a 204% increase in exports to Algeria and an 184% increase to India.

Global soyabean foods per capita consumption increased by 24% from 2.16kg in 2010 to 2.67kg in 2020.

According to USSEC, the USA is the world’s second largest soyabean producer and exporter, with soyabeans its top food and agricultural export.