Monthly soybean imports in China April 2020
In April 2020, soybean imports to China amounted to approximately 2.6 billion U.S. dollars, down from around 3.1 billion U.S. dollars in 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 2016, almost 84 million metric tons of soybeans were imported to China, approximately eight times as much as the import volume in 2000. In 2019/20, China imported 92 million metric tons of soybeans, while the global soybean import volume amounted to around 153 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 2018, Brazil held the top rank as China’s largest soybean supplier with a market share of 76 percent. The United States and Canada were also among the top three soybean supplying countries to China. In 2019, Brazilian soybean exports to China amounted to around 20.5 billion U.S. dollars.
Soybean production in Brazil amounted to over 115 million metric tons in 2018, and it was expected to reach almost 141 million tons by 2028. Additionally, the harvesting area of soybeans was forecasted to exceed 39 million hectares by then.
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 2016, almost 84 million metric tons of soybeans were imported to China, approximately eight times as much as the import volume in 2000. In 2019/20, China imported 92 million metric tons of soybeans, while the global soybean import volume amounted to around 153 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 2018, Brazil held the top rank as China’s largest soybean supplier with a market share of 76 percent. The United States and Canada were also among the top three soybean supplying countries to China. In 2019, Brazilian soybean exports to China amounted to around 20.5 billion U.S. dollars.
Soybean production in Brazil amounted to over 115 million metric tons in 2018, and it was expected to reach almost 141 million tons by 2028. Additionally, the harvesting area of soybeans was forecasted to exceed 39 million hectares by then.
