Soybean Meal
U.S. Soybean Meal Exports in 2022
Total Export Value
$6.16 Billion
Total Volume (Millions)
12 Metric Tons
3-Year Average
$5.48 Billion
Compound Average Growth
1.3% (2013-2022)
Top 10 Markets for Soybean Meal in 2022
| Market | Total Value (USD) |
|---|---|
| Philippines | $1.01 Billion |
| Mexico | $864.08 Million |
| Colombia | $740.93 Million |
| Canada | $606.46 Million |
| Ecuador | $318 Million |
| Venezuela | $312.85 Million |
| Guatemala | $258.45 Million |
| Dominican Republic | $231.13 Million |
| Morocco | $199.2 Million |
| Honduras | $186.34 Million |
Data and Analysis
FAS Manila forecasts copra production at 3 million MT for MY 2023/24 because of the coming El Niño and the break from the 3-year productive cycle. Soybean meal imports are projected to reach 2.9 million MT because of expected expansion in the broiler and aquaculture sectors.
Vietnam’s economy has continued to rebound after the COVID-19 pandemic, while also being affected by global inflation and local price hikes for ingredients.
Modest growth in the animal protein sector is expected to raise China’s soybean imports to 97 million metric tons (MMT) in Marketing Year (MY) 23/24. The People’s Republic of China’s (PRC) removal of COVID-related restriction in December 2022 is expected to boost overall oilseed consumption.
News and Features
May 22, 2023
Export Sales to the Philippines
Private exporters reported sales of 225,000 MT of soybean cake and meal for delivery to the Philippines during MY 2022/2023.
May 15, 2023
Export Sales to Poland
Private exporters reported sales of 100,000 MT of soybean meal for delivery to Poland during MY 2022/2023.
February 10, 2023
2022 Was Another Record Year for U.S. Farm Exports
The American agricultural sector posted its best export year ever in 2022 with international sales of U.S. farm and food products reaching $196 billion.