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Jul 27, 2022
By Karey Claghorn, USSEC Executive Director of Marketing, Communications and Operations
Egypt is home to a robust Soy Excellence Center. Pictured here, Stan Born delivers remarks at the opening of the center in Egypt in 2019.
With a mission to maximize the utilization, value and access to markets of U.S. soy around the world, the U.S. Soybean Export Council (USSEC) works to identify new and emerging international soybean markets. From Latin America to Southeast Asia to Africa, globally diverse countries are showing increasing promise as markets for high-quality, reliable, sustainable U.S. soy.
Egypt has a strong and growing preference for U.S. soybeans, with the U.S. being its largest supplier. The country’s population of 106 million is increasing its poultry consumption and shrimp production and expanding its crush industry. Egypt is the third largest global market for U.S. soy exports. With USSEC’s strong user industry relationships and as home to a robust Soy Excellence Center—located around world to serve as regional hubs for professional development and training—opportunities in Egypt are poised to continue growing.
Vietnam is the world’s 13th largest soy customer, and the majority of its soybean imports are from the United States. Pork is central to the diet in Vietnam, and domestic pork production is expected to increase through 2030. It is a dynamic emerging country with a young population, stable political system and commitment to sustainable growth. Improved port facilities and very low import tariffs further support the growing U.S. collaboration with Vietnam.
With a land mass about the size of the state of Georgia and a population of roughly 165 million, Bangladesh has one of the world’s most dense populations. This puts an exceptionally high premium on land and requires imports to meet food security needs. Bangladesh is the world’s third largest soybean oil importer and has the world’s fifth largest aquaculture industry. The country has a strong preference for U.S. soy, zero tariff on soybean meal or soybeans and a modern, large-scale crush industry with room to grow.
Agriculture remains a core pillar of Pakistan’s economic growth and development. In 2021, soybean imports crossed the $1 billion threshold. The poultry, livestock and aquaculture sectors are fundamental to Pakistan, and USSEC is expanding outreach to potential end users representing mid-size companies in addition to engaging large operations. More than 50% of the population suffers from protein deficiency, and the increasing proportion of Pakistan's youth provides a potential demographic to use quality protein products.
Ecuador’s economy is the seventh largest in Latin America. U.S. soybean meal exports have increased as the industry has taken advantage of price and value advantages versus South American origins. Ecuador is the main aquaculture market for U.S. soy in Latin America—namely shrimp related—and the industry has continued to grow. Trade and technical support from USSEC is welcomed and sought by the industry. New reductions in tariffs on soybean oil imports could lead to U.S. exports and potential opportunities with bottlers, refiners, hotels, restaurants and institutions.
The U.S. Soy Sustainability Assurance Protocol and Sustainable U.S. Soy label are helping further opportunities across all new and emerging markets. U.S.-grown soy, branded U.S. Soy, is part of the solution to meeting the world’s protein needs, and USSEC is proud to deliver the message to countries eager to hear it.
