Surge in Soybean Imports

Since the beginning of the 2023/24 marketing year, Egypt has been actively increasing its soybean imports. Between May and July, the country has significantly ramped up its purchases. Imports are projected to reach 1.17 million tons, nearly double the amount recorded during the same period in 2023, 632,000 tons.

Annual Import Projections

For the entire 2023/24 marketing year, Egypt's soybean imports are expected to hit 2.90 million tons, which is 600,000 tons higher than the previous year's level of 2.30 million tons. However, this figure still falls short of the country's processing capacity and is 1.8 million tons less than the 2021/22 marketing year.

Key Suppliers

The main suppliers of soybeans to Egypt during this period include:

• United States: Expected to supply 595,000 tons, up from 325,000 tons in the last three months of the 2022/23 marketing year.
• Brazil: Projected to deliver 449,000 tons, although no deliveries have been made yet.
• Ukraine: Anticipated to supply 109,000 tons, down from 279,000 tons previously.

When considering the full 2023/24 marketing year, the expected import volumes are:

• United States: 1.18 million tons, compared to 1.39 million tons in 2022/23.
• Ukraine: 919,000 tons, an increase from 475,000 tons.
• Brazil: 685,000 tons, although actual deliveries have not yet occurred.

Egypt's aggressive increase in soybean imports highlights the country's efforts to meet its processing demands despite falling short of full capacity. This surge underscores the strategic importance of diversifying import sources to ensure a steady supply. As Egypt navigates these dynamics, the ability to manage and optimize processing capabilities will be key to sustaining this growth trajectory in the agricultural sector.