WTC New Orleans Releases Study on Soybean Exports

NEW ORLEANS, LA, USA - A new report released by the World Trade Center New Orleans, titled “Emerging South American Competitiveness to U.S. Soybean Exports”, reveals a growing threat to the United States' position as a leader in the world soybean market.

The report on soybean exports is the result of a joint-study led by the University of Southern Mississippi and commissioned by the World Trade Center New Orleans International Business Committee.

“This new report highlights the critical need for investments in our inland waterway infrastructure so that Louisiana and U.S. goods stay competitive. As our competitors are rapidly growing in sophistication and capacity, we need to keep pace; we can do that by making infrastructure investments a top priority,” said Dominik Knoll CEO, World Trade Center New Orleans.

The “Emerging South American Competitiveness to U.S. Soybean Exports” report was publicly released at a WTCNO International Business Committee meeting in December. Alongside remarks from Congressman and House Majority Whip Steve Scalise (R-LA), leaders from the University of Southern Mississippi, Big River Coalition and local ports spoke to the importance of the Mississippi River System and its infrastructure to global exports.

According to the Report, in order to increase the capacity of the Lower Mississippi River once the Panama Canal expansion has been completed, the River will need to be drafted from its current depth of 45ft to 50ft.

“The economic benefits of deepening the river will be huge. We have ports on the east coast in different phases of being deepened for the Panama Canal expansion,” Sean Duffy Executive Director of the Big River Coalition said.

The Report claims that the U.S. is failing to adequately fund the infrastructure of its waterways. In order to protect its $270 billion in exports, the U.S. would need to invest $30.2 billion through 2020. Currently, it is expected that funding will only reach $14.4 billion.

Paul Aucoin, Executive Director of the Port of South Louisiana, said, “It’s important that larger vessels have access to the river. Just having the river drafted 50ft will increase the cargo by $16 billion annually for our ports. The amount in value of soybeans cargo will almost double.”

Congressman Steve Scalise concluded by saying, “Securing proper funding for our waterways impacts many other states. It will make us more competitive and help farmers to export.”

(PHOTO, L-R: Congressman and House Majority Whip Steve Scalise)

Click on the source link below to download a copy of the full report: