Monthly soybean imports in China 2021-2022

In April 2022, soybean imports to China amounted to approximately 5.35 billion U.S. dollars, increasing by around 32 percent 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 2018, almost 88 million metric tons of soybeans were imported to China, approximately eight times as much as the import volume in 2000. In 2020/21, China imported 100 million metric tons of soybeans, while the global soybean import volume amounted to around 166 million metric tons. 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 2019, Brazil held the top rank as China’s largest soybean supplier with a market share of 65 percent. The United States and Argentina were also among the top three soybean supplying countries to China. That year, Brazilian soybean exports to China amounted to around 20.5 billion U.S. dollars.
Soybean production in Brazil amounted to over 122 million metric tons in 2020, and it was expected to reach almost 141 million tons by 2029. Additionally, the harvesting area of soybeans was forecasted to exceed 39 million hectares by then.