(BRUSSELS) – Following up on a July agreement between the EU and U.S. president Trump, the European Commission reported Wednesday an increase of 283% in imports of soybeans from the United States.
The latest figures on EU imports of soybeans bring the EU’s total share of imports of U.S. soybeans to 37%, up from 9% one year ago.
Following his meeting with the US president, Commission chief Jean-Claude Juncker put in place a bi-monthly reporting mechanism on the evolution of trade in soybeans from the U.S. to the EU.
“The European Union and the United States have been longstanding partners and there is room to further strengthen our trade relationship,” said Agriculture Commissioner Phil Hogan: “We expressed our willingness to import more soybeans from the United States and this is already happening. European and American farmers have much to gain by working together.”
In their Joint Statement of 25 July, President Juncker and President Trump agreed that while future cooperation on trade will not include agriculture as such, the EU and U.S. would work to increase trade in soybeans. The current figures show that imports of U.S. soybeans to the EU have been increasing:
- Compared to July 2017, EU imports of soybeans from the United States are currently up by 283% at 360,000 tonnes;
- In terms of the EU’s total imports of soybeans the U.S. share is now at 37%, compared to 9% in July 2017;
- Imports of soymeal, which are traditionally lower with regards to the U.S., are also on the rise – 185,000 tonnes were imported in July 2018, an increase of 3,337% compared with July 2017;
- The U.S. is now supplying 13% of EU soymeal imports compared to 0.3% in July 2017.
The EU needs soya in Europe as a source of protein to feed animals, including chicken, pigs and cattle, as well as for milk production. The EU currently imports about 30 million tonnes per year because it cannot produce sufficient quantities.
U.S. prices for both soybeans and soymeal are currently the most competitive on the market and therefore a very attractive feed option for European importers and users.