WASHINGTON, DC, US — Despite a loss in market share, the value of US agricultural exports to Southeast Asia increased by $4.8 billion in a 10-year period, according to a new report from Economic Research Service (ERS) of the US Department of Agriculture (USDA).

Market share dropped 0.2 percentage points from 2012 to 2022 to 11.2%, making it the second largest export partner, behind only China. Together, the United States, China, Brazil, Australia and the European Union accounted for about half of Southeast Asia’s total agricultural imports in 2022.

The Southeast Asian region includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Timor-Leste and Vietnam.

China and Brazil were the only countries in the top five to see market share increase over the period. Brazil and Australia could surpass the United States in exports if they continue the growth they’ve experienced from 2020 through the last few years, the ERS said.

Brazil’s share of Southeast Asia’s agricultural imports increased to 9.1% from 5.2% while Australia’s share increased to 8.3% from 5.5%.

Southeast Asia will continue to be a significant global trade partner with population expected to grow 8% over the next 10 years. Per capita gross domestic product is projected to increase nearly 26% in the same period.

Imports of all commodities in the region are expected to increase. Vietnam is projected to lead the way with increases in corn, cotton, wheat, soybean meal and soybeans.  

Top US exports to Southeast Asia include soybeans and soybean products valued at $2.28 billion in 2022, followed by cotton at $1.53 billion and wheat at $1.46 billion.

Major US agricultural exports to Southeast Asia face competition from top exporters around the world. Soybean products are the largest category of US agricultural exports to Southeast Asia, and these sales face stiff competition from Latin American countries, the ERS said.