Brazil: soybean export value share 2023, by destination

China is by far the leading country of destination for soybean exports from Brazil. In 2023, the Asian country accounted for 73 percent of the Brazilian soybean export value, which totaled some 53.2 billion U.S. dollars. Argentina trailed in second, as the destination for around four percent of the export value.

Meeting China's demand

China is the leading importer of soybeans worldwide, with high demand for feeding livestock and producing soybean cooking oil. In 2022, Brazil ranked as China's largest soybean supplier, providing nearly two thirds of the Asian country's imports of this oilseed. The South American country has recently benefitted from escalating trade wars between China and the U.S., which have led Chinese food and agricultural industries to seek out an alternative supplier.

Growing market for Brazilian soybeans

As soybean exports to China strongly increased from 2016 to 2023, Brazil's soybean exports reached an all-time peak in 2023 & more than double that of the first period observed. And this trend shows no sign of subsiding. As of 2023, Brazil has outpaced the United States to become the leading producer of this oilseed worldwide, with its area planted with soybean rising every year of the past decade.