U.S. Soy complex exports (soybeans, soybean meal and soybean oil) reached a total of 68.7 million metric tons (MMT) in the 2024/25 marketing year, generating a value of $29.6 billion. Of this volume, 51.2 MMT consisted of soybeans valued at $22.3 billion, 16.3 MMT consisted of soybean meal (a record level) valued at $6 billion, and 1.1 MMT consisted of soybean oil valued at $1.2 billion. The top five markets for the U.S. Soy complex were China, Mexico, the European Union (EU-27), Egypt and the Philippines.
According to data from the U.S. Department of Agriculture Global Agricultural Trade System (USDA GATS), the United States exported a total of 68.7 MMT of soy products during the 2024/25 marketing year. This figure represents a 12.8% increase year-over-year and a 2.95% growth compared to the five-year average.
The increase was supported by export expansion across all three main product categories. Soybean exports rose by 10.7% to 51.2 MMT, soybean meal exports increased by 13.9% to 16.3 MMT, reaching a new record in this category, and soybean oil exports surged by 304% year-over-year to 1.1 MMT.
Jim Sutter, Chief Executive Officer of the U.S. Soybean Export Council (USSEC), emphasized that production and supply capacity remain strong, noting that the United States is well positioned to meet demand for soybeans, soybean meal and soybean oil in both domestic and global markets.
Sutter stated that regional trade flows in U.S. Soy exports continue to shift, while global demand remains strong and increasingly diversified. Growth across the Americas, the Middle East and North Africa, South Asia and Southeast Asia has reinforced the global importance of demand for high-quality, sustainable protein. He also noted that lower soybean prices, while unfavorable for U.S. farmers, offer an opportunity for international buyers to experience the quality and advantages of U.S. Soy.
According to USDA GATS data, the fastest-growing markets for the U.S. Soy complex over the past five years were Turkey (up 342%), Vietnam (up 89%), Venezuela (up 68%), Colombia (up 48%) and Bangladesh (up 40%).
Sutter noted that growth in several markets reflects a combination of improved market access and rising demand for animal protein. He explained that the strong increase in U.S. Soy exports to Turkey is linked to the resolution of market access issues and growing domestic demand, recalling that Turkey’s restrictions on genetically modified soy during the 2019/20 and 2020/21 marketing years limited trade flows.
The increase in Venezuela was attributed to rapid growth in poultry production and consumption. Sutter emphasized that, overall, growth markets are seeing rising per capita protein consumption. As production scales up across poultry, pork, aquaculture and other livestock sectors, USSEC works with nutritionists in different markets to technically demonstrate the nutritional value of formulations using U.S. Soy.
Bangladesh also emerged as a rapidly expanding market, driven largely by its developing poultry and aquaculture sectors. This demand supported new investments in the country’s crush industry, with additional capacity coming online in 2025.
Sutter added that growing global demand has helped absorb increased U.S. soybean meal supplies linked to rising domestic crush capacity. He noted that there had been uncertainty last year about whether global markets could absorb additional soybean meal, but the United States recorded a second consecutive year of record soybean meal exports.
Most of the soybean meal was shipped to the Philippines, Mexico, Colombia and Canada, while soybean oil exports also rose sharply, led by purchases from India, the world’s largest importer of vegetable oils. The top five markets for U.S. soybean oil in the 2024/25 marketing year were India, Mexico, Colombia, Venezuela and the Dominican Republic.
Sutter concluded by noting that while uncertainty continues to affect international trade, one fact is clear: global demand for soy is strengthening. As a source of high-quality, sustainable nutrition, U.S. Soy offers an important solution to supporting global food and nutrition security.
