INDIA
‘The Quiet Giant’ BY KRISS NELSON
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arlier this year, India surpassed China as the world’s most populous country, reaching more than 1.4 billion people. And the country is only showing signs of growth. China’s population, meanwhile, is declining. “China is in significant demographic decline, which they will not be coming out of anytime soon,” says Frank Kelly, founder and managing partner of Fulcrum Macro Advisors. By the year 2100, China’s population could be as small as 500 million. Although China will remain a critical market for U.S. exports, including soy, Kelly believes little attention has been paid to the “quiet giant” of the globe, India.
Iowa Soybean Association (ISA) President-elect Brent Swart thinks market diversification when he hears about growth in a country, especially one that’s not a significant soybean buyer. According to Trade Data Monitor, India imported more than 160,000 metric tons of soy products (primarily soybean oil) from the U.S. in 2022. China meanwhile, was the U.S.’s largest export destination, importing nearly 30 million tons of soy products (primarily whole soybeans) from the U.S. “It’s exciting to be able to diversify our exports by having the potential to bring our product into a developing country like India,” says Swart, who grows soybeans and corn near Spencer in Clay County.
“ It’s exciting to be able to diversify our exports by having the potential to bring our product into a developing country like India.” Brent Swart, Iowa Soybean Association president-elect
16 | NOVEMBER 2023 | IASOYBEANS.COM
