World Soybean Trade

Major Players

Brazil dominates global soybean production and exports, with China leading as their top export destination due to their position as the top consumer and importer. The United States ranks second in production, exports, and consumption of soybeans (Table 1). Despite Brazil’s leading role in the world soybean market, the United States remains an important contributor in the market.

_{Table 1. Major Players in the World Soybean Market}

Relative Value of US Soybean Imports and Exports

To get a more detailed look at the world soybean market, the remainder of this article utilizes UN Comtrade data and is not directly comparable to the data found in Table 1. Data will only include soybeans other than seed.

Figure 1 shows United States soybean imports and exports in terms of quantity, Figure 2 shows United States soybean imports and exports in terms of value, and Figure 3 shows the average price over the last decade. The United States is a significant exporter of soybeans but imports almost none.

_{Figure 1. Quantity of U.S. soybean trade}

_{Figure 2. Value of U.S. soybean trade}

_{Figure 3. Average price of U.S. soybean exports and imports}

Major Trade Partners for US Soybean

Over the last 5 years, China has been the top export destination for United States soybeans, accounting for over half (52%) of all United States soybean exports (Table 2). Mexico, Japan, Egypt, and Germany also receive soybeans from the United States, but each account for less than 10% of total exports, in terms of both value and quantity.

The United States imports hardly any soybeans; however, common suppliers throughout the last 5 years have been Canada, Brazil, and Argentina.

_{Table 2. Major US Soybean Trading Partners}

Markets of Other Major Soybean Exporters

Table 3 outlines the five-year average of trade relationships of major soybean exporters other than the United States. Brazil remains the leading global exporter of soybeans with an average 65% of its soybeans exported to China. Brazil also exports soybeans to the European Union, Thailand, Turkey, and Iran, although combined these destinations account for less than 15% Brazil’s total soybean exports.

Paraguay is another major soybean exporter, with the vast majority (80%) of exports going to Argentina. Argentina, as another major exporter of soybeans, sends most of its soybean exports to China (80%). Although the United States imports very few soybeans overall, it receives about 2% of Argentina’s total soybean exports, in terms of quantity.

Canada also ranks as a top soybean exporter with China and the European Union being their top export destinations. Iran, Algeria, and Japan also receive Canadian soybean exports.

_{Table 3. Trade Partners of Other Major Exporters (Excluding US)}

Table 4 outlines the five-year average of trade relationships of other major soybean importers. China continues to be world’s largest importer of soybeans, with Brazil being their largest supplier, followed by the United States. Over the last five years, China has accounted for, on average, 65% of Brazil’s imports, and the United States has accounted for 28%, on average.

Argentina imports a majority of their soybeans from Paraguay, but also imports a much smaller volume from Brazil, Uruguay, and Bolivia.

Thailand and the European Union both import soybeans from the United States, but Brazil is their top supplier, accounting for, on average, 78% of Thailand’s total imports and 39% of the European Union’s total import volume.

_{Table 4. Trading Partners of Other Major Importers (Excluding US)}

Economic analysis provided by Paige Klipstein, Research Analyst, Decision Innovation Solutions on behalf of Iowa Farm Bureau

Find more information about alternative soybean products:

• World Soybean Oil Trade
• World Soybean Meal Trade