October 4, 2005

US 2004-05 soybean exports to China hit record high
 

US soybean exports to China reached a record high during the 2004-2005 marketing year, according to a USDA report dated Aug 31.

The report showed that US soybean exports for the year exceeded 29,966,000 tonnes, or 1.1 billion bushels. This is 3 percent higher than the previous record set in the 2001 marketing year.

2004-05¡¯s largest US soybean buyer was China, which purchased 435.4 million bushels, or 44 percent higher from the previous year.

The EU was the second largest US soybean importer with 167.9 million bushels, and Mexico third at 127 million bushels. Japan was the fourth largest at 114.7 million bushels.

The top four buyers make up 76.8 percent of all US soybean exports last year.

Soybean and soy product exports are the highest value US agricultural commodity export with an annual value of nearly US$8 billion, according to the American Soybean Association.