July 26, 2011

Minnesota, US soy exports up 46% in 2010

Minnesota's exports of soy and soy products rose 46% to US$2.2 billion in 2010, the largest growth in commodity exports, contributing to a total of US$5 billion in agricultural exports for the US state.

The number is an increase of more than US$900 million from the 2009 total of US$4.1 billion, and is the second time since 2008 where agricultural exports reached or exceeded US$5 billion in the US state, according to the Minnesota Department of Agriculture (MDA).

Soy, corn, wheat, red meat, dairy, and poultry were the top export commodities, accounting for 90% of the state's total agricultural exports.

Minnesota's agricultural export growth was 22%, higher than the 13% for the US from 2009 to 2010.

Agriculture is Minnesota's second largest exporting sector with major markets in China, Japan, Mexico, and Canada.

About one-third of Minnesota's total agricultural production is exported, representing a significant economic contribution to rural communities and to the state, according to Minnesota Agriculture Commissioner Dave Frederickson.

"These exports have a huge impact on our state's economic health," said Frederickson. "That's why it's important to continue our focus on maintaining and building export markets in the US and overseas."