According to Banchero Costa, Brazil remains the leading exporter of soybeans, contributing 68.2% of global exports by volume in 2024. However, Brazilian shipments saw a decline of 4.8%, totaling 97 million tonnes, down from a record 101.9 million tonnes in 2023.
The United States ranks second, with a 22.8% global market share, experiencing a significant drop of 16.5% in exports, only reaching 32.4 million tonnes—the lowest volume in at least a decade. Argentina, in third place, exported 4.9 million tonnes of soybeans, a notable increase of 141% year-on-year.
Mainland China emerged as the top destination for soybean imports, accounting for 67.7% of global seaborne imports in 2024. Nevertheless, imports to China declined by 2% year-on-year, totaling 100.8 million tonnes.
In contrast, the European Union increased its soybean imports by 4.5%, reaching 13.7 million tonnes, representing 9.2% of global seaborne imports. Focusing on the U.S. soybean market, the primary loading ports in 2024 were Reserve and Convent in Louisiana, with respective volumes of 6.7 million tonnes and 5.9 million tonnes.
Overall, 64.2% of U.S. soybean exports were loaded onto Panamax vessels. Notably, a staggering 55.1% of U.S. soybean exports went to Mainland China, despite a decline of 27.1% year-on-year.
With the ongoing geopolitical tensions, U.S. exporters are heavily reliant on the Chinese market. Tariffs imposed by China on U.S. soybeans are expected to further aggravate the situation.
Despite a slight decline in imports, China’s soybean consumption remains significant, with Brazil supplying over 73% of China’s imports in 2024, demonstrating a strong increase in trade between the two nations.