In 2023, exports of soybean from Brazil reached nearly 102 million metric tons, an increase of 29 percent when compared to the previous year. This is also the highest figure reported in the decade. In turn, Brazilian soybean exports were valued at approximately 53.2 billion U.S. dollars that year.
An undisputed market leader
As Brazil’s annual soybean exports nearly tripled in one decade, the South American country went on to become the largest exporter of this oilseed in the world. This result is mostly associated with an increasing demand from China, the leading destination for Brazilian soybean exports. Meanwhile, global soybean meal and soybean oil exports are dominated by Brazil’s southern neighbor, Argentina. Nevertheless, the Portuguese-speaking country ranks second worldwide.
Domestic soybean demand also on a rise
Parallel to a growth in international demand for this commodity, the domestic consumption of soybean in Brazil has also seen a continual rise in the past decade, estimated at more than 55.6 million metric tons in 2022/23. In the industrial sector, this oilseed is mainly associated with the biofuels segment. In 2022, more than four million cubic meters of soybean oil were used for biodiesel diesel production in Brazil, making it the leading raw material used for this purpose.
Soybean exports from Brazil from 2006 to 2023
(in million metric tons)
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Ministério da Economia (Brazil). (March 20, 2024). Soybean exports from Brazil from 2006 to 2023 (in million metric tons) [Graph]. In Statista. Retrieved September 19, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/721215/soybeans-export-volume-brazil/
Ministério da Economia (Brazil). "Soybean exports from Brazil from 2006 to 2023 (in million metric tons)." Chart. March 20, 2024. Statista. Accessed September 19, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/721215/soybeans-export-volume-brazil/
Ministério da Economia (Brazil). (2024). Soybean exports from Brazil from 2006 to 2023 (in million metric tons). Statista. Statista Inc.. Accessed: September 19, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/721215/soybeans-export-volume-brazil/
Ministério da Economia (Brazil). "Soybean Exports from Brazil from 2006 to 2023 (in Million Metric Tons)." Statista, Statista Inc., 20 Mar 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/721215/soybeans-export-volume-brazil/
Ministério da Economia (Brazil), Soybean exports from Brazil from 2006 to 2023 (in million metric tons) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/721215/soybeans-export-volume-brazil/ (last visited September 19, 2024)
Soybean exports from Brazil from 2006 to 2023 (in million metric tons) [Graph], Ministério da Economia (Brazil), March 20, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/721215/soybeans-export-volume-brazil/