A Comparison of Brazilian and U.S. Exports of Corn, Soybeans and Meats
In recent years, the value of soybeans imported by China has increased to more than $61 billion per year. Corn and meat imports by China have leveled out in recent years with meat imports holding above $30 billion since 2020 and corn imports by China running between $7 billion and $8 billion per year. In 2022, Brazil and the U.S. accounted for more than 90% of China’s soybean imports; about 74% of China’s corn imports, and 46% of China’s meat imports (Figure 1).
Figure 1. Brazil & US Share of Chinese Imports of Corn, Meat, and Soybeans
In the first half of 2023, China imported a total of $83 billion of agricultural imports. Brazil accounted for 37.1% of those imports for total agricultural sales to China of nearly $31 billion. Brazil’s share of China’s imports increased from 35.5% market share to 37.1% market share according to data from the Brazilian Ministry of Agriculture and Livestock (Mapa). This was an increase of 8.6% compared to the same period in 2022. To put Brazil’s exports to China in perspective, the $30.7 billion of exports to China in the first half of...
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