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2023
Exports $6.9BWorld Rnk 3 / 121
Flag Rnk 44 / 1217
2023
Destination $109M Philippines
2022 - 2023
FASTEST GROWING MARKET $109MUnited Kingdom
2023
PRODUCT COMPLEXITY IN Soybean Meal-1.09Rnk 852 / 1025
2023
Imports $435MWorld Rnk 29 / 175
Flag Rnk 559 / 1215
2023
Origin $23.7M Canada
2022 - 2023
FASTEST GROWING ORIGIN $23.7MTogo
2023
ECONOMIC COMPLEXITY of United States1.5Rnk 10 / 132

About

Exports In 2023, United States exported $6.9B in Soybean Meal, making it the 3rd largest exporter of Soybean Meal in the world. At the same year, Soybean Meal was the 44th most exported product in United States. The main destination of Soybean Meal exports from United States are: Philippines ($1.13B), Colombia ($780M), Mexico ($774M), Canada ($555M), and Ecuador ($457M).

The fastest growing export markets for Soybean Meal of United States between 2022 and 2023 were United Kingdom ($109M), Poland ($92.6M), and Indonesia ($72.5M).

Imports In 2023, United States imported $435M in Soybean Meal, becoming the 29th largest importer of Soybean Meal in the world. At the same year, Soybean Meal was the 559th most imported product in United States. United States imports Soybean Meal primarily from: Canada ($158M), Russia ($73.5M), Togo ($48.9M), India ($38.1M), and Ethiopia ($32.7M).

The fastest growing import markets in Soybean Meal for United States between 2022 and 2023 were Togo ($23.7M), Nigeria ($15.9M), and Ethiopia ($12.3M).

COMPANIES In 2023, leading companies such as Walong Marketing (12), Wismettac Asian Foods (12), and Gildan Activewear (1) were at the forefront of shipping Soybean Meal to the United States.

Latest Trends

November 2024

About

Overview In November 2024 United States' Soybean Meal exports accounted up to $486M and imports accounted up to $25.5M, resulting in a positive trade balance of $461M. Between November 2023 and November 2024 the exports of United States'   Soybean Meal have decreased by $-64.3M (-11.7%) from $550M to $486M, while imports decreased by $-10.2M (-28.6%) from $35.7M to $25.5M.

Destinations In November 2024, Soybean Meal were exported mostly to Mexico ($91.6M), Colombia ($70.8M), Canada ($43.1M), Vietnam ($31.3M), and Venezuela ($25.7M), and were imported mostly from Canada ($10.8M), Turkey ($4.9M), Togo ($2.59M), Nigeria ($2.22M), and Argentina ($1.87M).

Growth In November 2024, the decrease in Soybean Meal's year-by-year exports was explained primarily by a decrease in exports to Philippines ($-32.8M or -55.4%), Dominican Republic ($-20.3M or -78.4%), and Morocco ($-10.5M or -52.8%). In November 2024, the decrease in Soybean Meal's year-by-year imports was explained primarily by a decrease in imports from Ethiopia ($-1.92M or -56.6%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$-64.3M(-11.7%)
IMPORT GROWTH (November 2023 - November 2024)$-10.2M(-28.6%)
MAIN EXPORTER (November 2024)Louisiana$286M
MAIN DESTINATION (November 2024)Mexico$91.6M

This section shows Soybean Meal's exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Soybean Meal over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$6.9B
IMPORTS (2023)$435M
NET TRADE (2023)$6.47B

In 2023, United States exported $6.9B in Soybean Meal. The main destinations of United States exports on Soybean Meal were Philippines ($1.13B), Colombia ($780M), Mexico ($774M), Canada ($555M), and Ecuador ($457M).

In 2023, United States imported $435M in Soybean Meal, mainly from Canada ($158M), Russia ($73.5M), Togo ($48.9M), India ($38.1M), and Ethiopia ($32.7M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Soybean Meal EXPORT MARKETS FOR United States WERE (2022 - 2023):
United Kingdom$109M (304%)
Poland$92.6M (1.38M%)
Indonesia$72.5M (509%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybean Meal BY United States WERE (2022 - 2023):
Mexico-$119M (-13.4%)
Thailand-$20.5M (-66.2%)
Colombia-$19.9M (-2.49%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, United States's main exporting competitors in Soybean Meal were:
Brazil $11B
Argentina $8.34B
In 2023, United States's main importing competitors in Soybean Meal were:
Indonesia $2.6B
Vietnam $2.2B
Thailand $1.7B

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Trade Value of Soybean Meal by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALVietnam+ $28.9M
TOP IMPORT POTENTIALArgentina+ $23.2M

Soybean Meal’s highest export potential is Vietnam. With an export gap of $28.9M.   Soybean Meal’s highest import potential is Argentina with an import gap of $23.2M.

See methodology.

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