USSEC looks to markets other than China
The CEO of the U.S. Soy Export Council (USSEC), Jim Sutter, says they’re working to replace lost export sales to China by focusing on other markets.
“We’re working with customers who have been long-time customers, but where our market share was low because we just didn’t have adequate supplies,” Sutter says. “So think of Europe, where our market share the last few years has been something like 30 to 35 percent. This year we’re up to 70 to 75 percent.”
Sutter says they’re also targeting developing markets—countries with large populations and good economic activity, but fairly low protein consumption.
]“Places like Egypt, Pakistan, Bangladesh,” he says. “Egypt, in particular, has grown from importing half a million tons of U.S. soy five years ago to two-and-a-half million tons this year.”
Sutter says emerging markets, like Nigeria, also hold good potential.
“It’s a place where imports of soy are very, very low today. But we project that in a few years time—five or ten years—it could grow into a couple million ton market.”
Sutter made those comments in an interview with the Iowa Soybean Association at this week’s United Soybean Board meeting in Fargo, North Dakota.