Soybeans market in ASEAN

Earlier Report Observations

From 2018 to 2023, the soybean market volume in ASEAN fluctuated, peaking at 9.9 million tonnes in 2021 after rising from 9.0 million tonnes in 2018. It then dropped to 8.7 million tonnes in 2022 before stabilizing in 2023. Regional production fell from 1.3 million tonnes to 0.6 million tonnes over this period, while imports remained the primary supply source, showing variations in response to market conditions.

In 2024, soybean imports into ASEAN grew to 9.7 million tonnes, driven by a 22.8% drop in global soybean prices due to abundant harvests in the USA and Brazil and by rising demand for plant-based proteins and animal feed in the region.

Production soybeans in ASEAN

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Soybean production in ASEAN has declined for the second year in a row. In 2020, ASEAN produced 577 K t of soybeans, which represents a 19.5% decrease compared to 2019. Over the period from 2017 to 2020, production fell by 36.6%, translating to an annualized decline of 14.1%. The highest production level was recorded in 2018 at 1 321 K t, marking a 45.0% increase from the previous year. The most significant drop occurred in 2019, with a 45.7% decrease.

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

In value, 2017-2020, M $ US

ASEAN's soybean production value has also declined for the second consecutive year. In 2020, the output was valued at 300.2 M $ US, showing a sharp 31.5% year-over-year decrease. From 2017 to 2020, production value dropped by 51.1%, which corresponds to an annualized rate of 21.2%. The peak value was reached in 2018 at 813.4 M $ US, reflecting a 32.4% increase. The largest decline was in 2019, with a 46.1% decrease.

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

Exports soybeans from ASEAN

Exports in kind, K t

Soybean exports from ASEAN have increased for the second consecutive year. In 2020, ASEAN exported 34 K t of soybeans, representing a 66.0% gain compared to the previous year. Over the 2017-2020 period, exports grew by 15.2%, with a compound annual growth rate (CAGR) of 4.8%. The lowest export volume was recorded in 2018 at 18 K t, which marked a 39.9% decline from the prior year.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K t

From 2017 to 2020, ASEAN's soybean exports were distributed across many countries. Even the top destinations—China, India, and Pakistan—collectively accounted for only 36.9% of total exports in volume terms.

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

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

Exports in value, M $ US

ASEAN's soybean export value has increased for the second year in a row. In 2020, exports totaled 18 M $ US, up by 41.3% from the previous year. However, between 2017 and 2020, export value decreased by 11.2%, equating to an annualized decline of 3.9%. The lowest value was recorded in 2018 at 11 M $ US, reflecting a 45.1% drop.

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

Over the 2017-2020 period, ASEAN's soybean exports in value terms were spread across a wide range of partner countries. The top three—China (13.6% of exports), India (9.9%), and Pakistan (9.1%)—together represented just 32.7% of total export flows.

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

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

Imports soybeans to ASEAN

Imports in kind, K t

After a two-year decline, soybean imports into ASEAN have rebounded. In 2020, ASEAN imported 6 927 K t of soybeans, equivalent to a 34.5% increase compared to 2019. Over the 2017-2020 period, imports rose by 15.4%, with a CAGR of 4.9%. The lowest import volume was in 2019 at 6 927 K t, which saw a 10.3% decrease from the previous year.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K t

From 2017 to 2020, the United States remained the primary source for soybean imports into ASEAN, accounting for 70.6% of total imports in volume terms. Other countries played a much smaller role in the import structure.

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

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

Imports in value, M $ US

Following a two-year decrease, ASEAN's soybean import value has increased. In 2020, import value amounted to 3 781 M $ US, up by 36.3% from a year earlier. Between 2017 and 2020, import value grew by 9%, translating to an annualized rate of 2.9%. The lowest value was recorded in 2019 at 2 775 M $ US, marking a 19.3% decline.

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

In the 2017-2020 period, the United States continued to be the main market for ASEAN's soybean imports in value terms, holding a 70.4% share of total flows. The remaining imports were fragmented across numerous other destinations.

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

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