bunge 2004 annual report more people eating healthier diets every year with global population, gross domestic product (gdp )  and per capita income rising steadily, Bunge’s three businesses— agribusiness, fertilizer and food products–are well positioned  for growth. As higher incomes, especially in the developing world, allow  people to increase their consumption of meat, the market for  soybean meal, the primary protein component in commercial  animal feed, should grow. Last year, according to the USDA,  the world consumed 130 million tons of soybean meal, up  from 118 million in 2000. Future growth is forecast to top  four percent per annum. Demand for vegetable oil should increase at a similar rate.  Growth will be particularly strong in China and India. Last  year, global consumption reached 100 million tons, up from  89 million tons in 2000. Total agricultural trade is also expected to increase, as the majority of growth in food consumption occurs away  from primary growing areas. One of these areas, South America, is cementing its position  as the world’s leading agricultural producer. Both Brazil and  Argentina produced large soybean crops in 2004, and their  output is expected to grow steadily in coming years. In Brazil, where most soil is nutrient defi cient, production  growth brings increased fertilizer use. In 2004, fertilizer consumption was nearly 23 million tons–a 39 percent  increase over 2000. These global trends represent strong growth, but we  intend to exceed them. In 2004, we took numerous steps  to improve Bunge’s positions in the world’s fastest-growing  and most valuable markets. In Vietnam, we signed an exclusive throughput agreement  Our strategy in Eastern Europe is an example of how Bunge  moves to capitalize on high-growth markets. Eastern Europe is endowed with fertile soil, room for yield  and effi ciency improvements, and strategic access to growing  consumption markets, which together give it the potential  to regain its status as one of the world’s breadbaskets.  The USDA predicts that grain exports from Black Sea nations  We also entered the value-added market for cholesterol- reducing phytosterol ingredients by creating a partnership  with Procter & Gamble and Peter Cremer North America. In the U.S., we formed AGRI-Bunge, LLC, a joint venture with  AGRI Industries. The partnership links AGRI’s crop origination  network in Iowa with Bunge’s global sales, marketing and  logistics. The result is a new source of crops for Bunge and  wider market access for AGRI and U.S. farmers. with Phu My Port, the leading port for dry bulk cargo in the  country. Vietnam is the fastest-growing market for soybean  meal consumption in Southeast Asia, a region that has seen  a 40 percent increase in demand for the product since 1999  and in which Bunge is the leading importer. spotlight on eastern europe 8