Monthly soybean imports in China 2023-2024
In March 2024, soybean imports to China amounted to approximately three billion U.S. dollars, decreasing slightly compared to the same period of the previous year. Despite the seasonal fluctuation in soybean imports, China remains the largest soybean importer in the world.
Global top market for soybeans
As a major oilseed and protein meal product, soybean is very important in the Chinese diet. Traditional food uses of soybeans include soy milk, tofu, and tofu skin. Soybean imports to China have been increasing. In 2023, more than 99.4 million metric tons of soybeans were imported to China, almost ten times as much as the import volume in 2000. The global soybean import volume amounted to around 164 million metric tons in 2022/23. China’s domestic soybean oil demand was forecasted to exceed 23 million metric tons by 2026.
Brazil – China's largest soybean supplier
Soybean is Brazil’s main export commodity. In 2022, Brazil held the top rank as China’s largest soybean supplier with a market share of 61 percent. The United States and Argentina were also among the top three soybean supplying countries to China. In 2021, Brazilian soybean exports to China amounted to around 27.2 billion U.S. dollars.
Soybean production in Brazil was forecasted to amount to over 143 million metric tons in 2023, and it was expected to exceed 150 million tons by 2029. Additionally, the harvesting area of soybeans was forecasted to exceed 42 million hectares by then.