US 2007/08 Soybean Exports Set New Record

More than 1.5 billion bushels of whole soybeans and soy products were exported from the U.S. during the marketing year that ended Sept. 30, 2008 – a new export record. The 1.5 billion bushels of exports, a 7% increase over the previous year, marks the third soy export record in the last four years.

According to the U.S. Soybean Export Council, soy is the No. 1 U.S. agricultural export, totaling over $12 billion annually.

Some Export Highlights:

  • Whole soybean exports totaled a record 1.12 billion bushels
  • Soybean meal increased by 11%
  • Soybean oil exports dramatically increased, 68% above 2007 levels

USSEC says 2008 saw some impressive major events which helped to push export numbers above previous years. For instance, on June 16 in St. Louis, Mo., the USSEC-led Chinese Buying Team signed agreements totaling $4.5 billion – the largest single-day purchase commitment in U.S. soybean history.

China’s total imports for the year totaled 17% of the complete U.S. soybean production, making China the lead U.S. soybean importer.