Europe’s soybean imports from the United States have increased by 112 percent, knocking its traditional soybean source Brazil into second place.
For the period from July to December 2018, the increase, compared to the same period in 2017, means the U.S. now supplies 75 percent of all EU soybean imports.
From the U.S. point of view, the EU accounts for 28 percent of soybean exports followed by Argentina at 10 percent and Mexico at nine percent.
This trade is part of the implementation of the joint statement agreed between European Commission President Jean-Claude Juncker and U.S. President Donald Trump in July 2018. In the statement, the two sides agreed to increase trade in several areas and products, notably soybeans.
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These latest developments have cemented the U.S. lead position in supplying the EU with soybeans for the entire calendar year, well ahead of Brazil, Europe’s traditional main supplier.
From January to December 2018, 50 percent of Europe’s imports originated in the U.S. and 36 percent in Brazil (37 percent in 2017).
European imports of US soybeans are expected to increase even more following the EC decision to launch the process to authorize the use of U.S. soybeans for biofuel.
