China accounts for more than 60 percent of global soybean imports, and the United States and Brazil together supply over 80 percent of global exports, according to report released today by USDA’s Economic Research Service, Interdependence of China, United States, and Brazil in Soybean Trade.
This report reviews the factors behind the geographic concentration of soybean trade. It discusses China’s growing demand for soybean meal and oil, its policies that favor soybean imports, and rapid growth of processing capacity in the country.
The report reviews soybean production trends in the United States, Brazil, and China; compares production and transportation costs; and analyzes trends and fluctuations in export prices and prices paid by importers in China.
This report also examines the short-term impacts of China’s imposition of a retaliatory tariff on U.S. soybeans in 2018/19, and it evaluates prospects for growth in new markets and suppliers projected to 2028 by USDA (2019).