In 2023, Brazil achieved a record-breaking soybean export of 3.744 million kilos (102 million tons), marking a 29% increase compared to the previous year. Meanwhile, shipments from the United States witnessed a decline to 1.789 million kilos (48 million tons), reflecting a 614-unit decrease during the same period.
According to a report from the University of Illinois (USA), the United States and Brazil serve as significant competitors, jointly accounting for over 80% of global soybean exports, while China represents approximately 60% of total soybean imports.
Soybeans stand as a key agricultural export for both the United States and Brazil to China. Over the past five years, Brazil has increasingly relied on China’s import demand. While 73% of Brazil’s exported soybeans head to China, the United States exports an average of 51%. This lower dependency on exports to China allows for greater diversity compared to Brazil.
Historically, the United States held the title of the world’s largest soybean exporter until 2013 when Brazil surpassed it, experiencing continued growth in soybean exports since then.
Brazil’s soybean exports have quadrupled in the last twenty years, reaching 96,431 kilos. The significant jump primarily occurred in the second decade. Soybeans have become Brazil’s top agricultural export commodity, with 60% of production destined for export. According to Brazil’s National Supply Company (Conab), the soybean harvest for the 2022/23 marketing year reached an all-time high of 5.68 billion kilos (154 million tons).
Over the last two decades, U.S. soybean exports increased by 9,094 units. However, U.S. soybean exports have stagnated since 2016, averaging around 1.993 million kilos (54 million tons) annually. Exports doubled in the first decade but remained steady in the second decade.
This trend underscores Brazil’s ascension as a dominant force in the global soybean market and highlights the challenges faced by traditional players like the United States in maintaining export growth.