Brazil is expected to export 100MMT of soybeans in 2024

 

Brazil is the top soybean exporter in the market. Brazil holds over 49% share of the global soybean export market. According to the Brazil customs data reports, the country’s overall soybean exports were valued around $45 billion during fiscal year 2022. In 2021, the exports were around $39 billion. 

The major markets for Brazil soybean exports were China, Spain, Thailand, Turkey and the Netherlands. Also, there was some noticeable amount of increase in soybean exports to Iran, Taiwan, Mexico, Vietnam, Italy and Bangladesh. 

The latest Brazil export data shows that the country has exported over 72 million metric tons of soybean throughout the financial year 2023. As compared to the same period during last year, there is around 20% increase in Brazil's soybean exports in 2023.

Brazil has recorded the maximum amount of soybean shipment in May 2023. During that period, the country's soybean exports reached 15.58 MMT tonnes while the least amount of exports came in January (8.3 MMT). In June 2023, Brazil's soybean exports were estimated to be 13 million metric tonnes.

The majority of the contribution came from China which is the top importer of Brazil soybean commodities. During the first six months of 2023, China was responsible for over 65% of Brazil's total soybean exports. China has made a record 50 million tons of imports this year. It was 25% more as compared to the same period last year.

On further analyzing Brazil import export data, Argentina was the second most soybean importing country from Brazil this year. Argentina relies immensely on Brazil's soybean imports in order to sustain its rising domestic demand. Argentina's soybean harvest has been affected by severe drought this year. 

This has impacted Argentina's soybean exports which fell to 33% this year. The global import export data suggest that Brazil was the 4th biggest contributor to Argentina's soybean imports accounting for over 3250 million metric tonnes in FY 2023. These figures might increase further. 

Brazil has received a good amount of soybean yields this year. That makes experts predict the record soybean exports of 103 MMT in 2024 with a 5% percent increase as compared to 95 MMT worth of soybean exports this year. 

On the other hand, Brazil did a minimal amount of soybean imports. As per Brazil import data reports around $403 million of soybean imports were recorded. The most favourable destinations for Brazil's soybean imports were mostly Paraguay, Uruguay, Argentina, Bolivia and the United States.

As the demand for Brazilian soybean is increasing, the export opportunities are more promising. The major competitors for Brazil in soybean exports are the United States, Canada, Paraguay and Uruguay.  Agri business industries from Brazil or any other country can track export opportunities in the global market through market intelligence.

Through a reliable global import export data provider company like Exim Trade Data, they can capture the latest information on the global soybean market. Their brief intelligence reports will give you the latest insights into soybean demand, top importing countries, exporting countries, competitors, pricing and potential business leads. You can keep these statistics in your mind and make profitable decisions for your company’s growth.