U.S. now EU's main supplier of soyabeans
Soya Beans - Photo United Soybean Board
(BRUSSELS) - The U.S. has become Europe's main supplier of soyabeans, reaching a 52% share compared to 25% in in the same period last year, according to figures published Thursday by the EU Commission.
This follows a meeting in July between Commission chief Jean-Claude Juncker and U.S. president Trump, in which the two sides agreed to increase trade in several areas and products, notably soya beans.
The EU hopes that working with the Trump administration will be more beneficial than any trade war between the blocs.
Agriculture Commissioner Phil Hogan welcomed the latest trade figures which he said showed the EU was delivering on its commitment to increase trade.
"This reflects both our long-standing trade relationship and the potential to achieve so much more by working together to build on that relationship," he said.
The current figures show that imports of U.S. soya beans to the EU have been continuously increasing over the past weeks:
- Compared to the first 12 weeks of the 2017 marketing year (July to mid-September), EU imports of soya beans from the United States are up by 133% at 1,473,749 tonnes. At the time of the first reporting issued on 1 August 2018, and covering the first five weeks of the current marketing year, imports amounted to 360,000 tonnes, corresponding to a 280% year-on-year increase;
- In terms of the EU's total imports of soya beans the U.S. share is now at 52%, compared to 25% in in the same period last year. This puts the U.S. ahead of Brazil (40%), the EU's second main supplier, followed by Canada (2.3%), Paraguay (2.3%) and Uruguay (1.7%).
The EU currently imports about 14 million tonnes of soya beans per year as a source of protein to feed our animals, including chicken, pigs and cattle, as well as for milk production. It says soyabeans from the U.S. are a very attractive feed option for European importers and users thanks to their competitive prices.
The data included in the report published today on soyabeans, comes from the Crops Market Observatory which the European Commission launched in July 2017 to share market data and short-term analysis to ensure more transparency.