Soybeans are a global commodity and are among the world’s top agricultural exports. Consumption is driven by demand from a variety of sectors, including food and feed. Understanding who the top soybean exporters are and the trends impacting their exports can provide valuable insight into the current and future state of global agriculture markets.
Trends in Global Soybean Exports
The export of soybeans is on the rise, with total exports valued at $34.39 billion in 2022, representing a 4.8 ompound average growth rate (CAGR) over the past three years. Growth in the sector has been driven primarily by a combination of increased yields and higher prices.
The largest contributor to this growth was the European Union (EU), with Japan, Turkey, and Indonesia also playing a significant role. Sales to China stalled as a 20 rop in exports offset stronger prices. It is important to note that the total value of US exports to China remains above the five-year average for 2016-2020.
The Top 10 Soybean Exporters in 2022
The top five soya bean exporters in the world are Brazil, the United States, Paraguay, Argentina, and Canada. Combined, these five countries accounted for 95.2% of total global exports in 2021. These countries all rely on a large landmass, suitable climate, and suitable soil pH to produce high-quality soybeans.
The United States is the biggest exporter of soybeans, with exports to China totaling $14.10 billion in 2021 representing a 32.59% increase over the previous year. Other top countries and their respective export volumes in 2021 were Brazil ($7.56 billion), Paraguay ($2.40 billion), Argentina ($2.27 billion), and Canada ($1.95 billion).
Soybean Exports to Mexico
The export of soybeans to Mexico has also grown in recent years, reaching $2.67 billion in 2021, representing 3.44% of total world exports. The surge in exports to Mexico is due mainly to the signing of the United-States-Mexico-Canada Agreement (USMCA) in 2019, which liberalized existing tariffs on soybean exports from the United States to Mexico.
Import/Export Share of Soybean in 2021
The global import/export shares of soybeans in 2021 reveal a two-way market, with exports and imports valued at $87 billion and $65 billion, respectively. The imports are principally from China, accounting for the largest share of the total at $14.10 billion. Other major importers include Japan ($5.52 billion), Germany ($4.72 billion), Mexico ($4.12 billion), and the Netherlands ($3.80 billion).
World Soybean Production
The total world production for soybeans in 2020 was 353,463,735 metric tonnes, a 5.1% increase from the previous year. Brazil was the largest producer, accounting for 34% of world production, followed by the United States at 32%. Other major producers include Argentina (14%), India (6%), and Canada (3%).
Conclusion
The global soybean market is growing, with the United States leading the way as the number one exporter in 2021. However, the import/export split between the countries reflects a two-way market with China being by far the largest importer. It is important to note that Brazil, the United States, Paraguay, Argentina, and Canada are all major players in the industry, accounting for 95.2% of total exports.
In conclusion, understanding the trends in soybean production and exports can be valuable for those looking to stay ahead of the curve in the global agriculture market.