Beans market in Eastern Asia

Earlier Report Observations

From 2018 to 2020, the bean market volume in Eastern Asia expanded steadily, reaching 18 853 thousand tons in 2020. This growth was primarily driven by national policy support for domestic soybean cultivation and production increases under food security strategies.

A contraction occurred in 2021 when international logistics and supply chain disruptions, coupled with raw material shortages, led to temporary shutdowns at some processing plants. A modest recovery followed in 2022–2023, aided by record domestic harvests from expanded planting areas, although weak downstream consumer demand limited more substantial growth and kept volumes below the 2020 peak.

Throughout the period, the market was shaped by U.S.-China trade tensions, which altered import sourcing, and by an increase in the number of market participants, which enhanced information transparency. By 2023, ample global soybean supplies, stemming from record world production, contributed to stable domestic volumes and price pressures.

Production beans in Eastern Asia

In kind, 2017-2020, K t

Top producers of beans, 2017-2020

World map of production of beans, 2017-2020

Eastern Asia's bean production has grown for the third year in a row. In 2020, the region produced 18,927 thousand tonnes of beans, marking a 1.8% increase from 2019. Over the period from 2017 to 2020, production rose by 4.5%, with an average annual growth rate of 1.5%.

Annual dynamics of production in Eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of bean output in Eastern Asia reached 29,340 million US dollars, representing a significant gain of 24.8% compared to the previous year. Between 2017 and 2020, production value increased by 4%, translating to an annualized rate of 1.3%. The lowest value was recorded in 2019 at 23,502 million US dollars, which also saw the largest decline of 17.9%.

Annual dynamics of production in Eastern Asia in value, 2017-2020, M $ US

Exports beans from Eastern Asia

Exports in kind, t

Market performance showed noticeable fluctuations during this period. Exports hit a low in 2018 and peaked in 2020, with a 56-fold difference between these years. In 2020, Eastern Asia exported 75,683 tonnes of beans, a sharp rise of 2,882.2% from the prior year. The minimum volume was recorded in 2018 at 1,349 tonnes, which also experienced the largest decline of 31.4%.

Annual dynamics of product's exports from Eastern Asia in kind, 2017-2020, t

From 2017 to 2020, Vietnam was the core market for bean exports in volume terms, accounting for 1.1% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Eastern Asia in kind, 2017-2020

Exports in value, M $ US

The market exhibited an unstable trend throughout the timeframe. Export values reached their lowest point in 2018 and peaked in 2020, with a top-to-bottom ratio of 56 times. In 2020, Eastern Asia's bean exports amounted to 117.3 million US dollars, which is 3,558.2% higher year-over-year. The minimum value was recorded in 2018 at 2.1 million US dollars, which also saw the largest decline of 31.1%.

Annual dynamics of product's exports from Eastern Asia in value, 2017-2020, M $ US

From 2017 to 2020, the geographical structure of bean exports in value terms was centered on Vietnam, whose share reached 0.7% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Eastern Asia in value, 2017-2020

Imports beans to Eastern Asia

Imports in kind, t

After a two-year increase, cross-border shipments of beans to Eastern Asia declined. In 2020, the region imported 1,664 tonnes of beans, showing a decrease of 11.2% from the previous year. Between 2017 and 2020, imports increased by 5.6%, equating to an annualized rate of 1.8%. The maximum volume was recorded in 2019 at 1,873 tonnes, which also saw the largest increase of 10.6%.

Annual dynamics of product's imports to Eastern Asia in kind, 2017-2020, t

Throughout 2017 to 2020, Oman (54.1% of imports in volume), Kenya (3.0% of imports in volume), and Mexico (1.4% of imports in volume) formed the core of bean imports in kind, together accounting for 58.5% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Eastern Asia in kind, 2017-2020

Imports in value, M $ US

Imported bean volumes in Eastern Asia declined for the second consecutive year. In 2020, imports totaled 5.0 million US dollars, indicating a decline of 15.5% from the previous year. Over the period from 2017 to 2020, imports decreased by 7.1%, with a compound annual growth rate of -2.4%. The maximum value was recorded in 2018 at 5.9 million US dollars, which also saw the largest increase of 10.1%.

Annual dynamics of product's imports to Eastern Asia in value, 2017-2020, M $ US

From 2017 to 2020, Oman remained the main source for bean imports to Eastern Asia, taking 77.5% of total imports in value terms, while the remaining volume was distributed among other countries.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Eastern Asia in value, 2017-2020