Soybeans market in Cambodia

Earlier Report Observations

From 2018 to 2020, Cambodia's soybean market volume showed significant variability, starting at 91.8 thousand tons in 2018. This initial level was supported by a doubling of foreign direct investment into the agrifood sector, which brought capital for farming practices and processing technology. The market volume then contracted sharply in 2019, though this period saw the government and partners introduce new agricultural technology to improve productivity, and exports to Vietnam began to increase. A recovery followed in 2020, aided by policy shifts during the COVID-19 pandemic, including a ban on white rice exports that may have redirected agricultural focus, and the signing of a free trade agreement with China which created new potential export avenues for agricultural products like soybeans.

In the subsequent years, the market dynamics were shaped strongly by export performance. While soybean and mung bean exports to Vietnam doubled in early 2021 and planted area remained substantial, the domestic market volume saw a modest decline. The expansion of the fertilizer market during this period supported crop yields. Market volume stabilized with slight growth in 2022, underpinned by consistent export channels to Vietnam and ongoing private sector investments in processing infrastructure. By 2023, a surge in export volumes significantly reduced the domestic market volume to 40.7 thousand tons, even as domestic production continued its gradual upward trend.

Production soybeans in Cambodia

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Cambodia's soybean production in 2020 reached 55.0 thousand tonnes, marking a sharp increase of 30.6% compared to the previous year. Looking at the period from 2017 to 2020, production declined by 25%, which translates to an average annual decrease of 9.1%. The lowest production level was recorded in 2019 at 42.1 thousand tonnes, while the highest was in 2018 at 91.8 thousand tonnes. The most significant drop occurred in 2019, with a 54.1% decrease.

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

Exports soybeans from Cambodia

Exports in kind, t

The market displayed considerable volatility during the observed period. Export volumes peaked in 2017 and fell to their lowest point in 2019, representing a 45-fold difference between these years. In 2020, Cambodia's soybean exports amounted to 7 tonnes, showing a substantial year-over-year increase of 136.5%.

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

From 2017 to 2020, Vietnam was the dominant market for Cambodia's soybean exports in volume terms, accounting for 84.7% of total flows, with the remaining share distributed among other countries.

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

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

Exports in value, K $ US

The market exhibited volatile behavior throughout these years. Export values reached their highest point in 2017 and their lowest in 2019, with a 27-fold gap between these two years. In 2020, Cambodia's soybean exports were valued at 16.5 thousand US dollars, representing a dramatic increase of 689.0% compared to the previous year.

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

Between 2017 and 2020, Vietnam and South Korea together accounted for 83.6% of Cambodia's total soybean export value, while the remainder was thinly spread across other markets.

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

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

Imports soybeans to Cambodia

Imports in kind, t

The data shows irregular fluctuations, indicating a volatile market environment. Import volumes reached their lowest point in 2018 at 14 tonnes and peaked in 2020, creating an 88-fold difference between these years. In 2020, soybean imports to Cambodia totaled 1 228 tonnes, up 364.6% from the previous year. The most significant decline occurred in 2018 with a 92.9% decrease, while the largest increase was recorded in 2019 at 1 794.9%.

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

During 2017–2020, three main markets—Canada, the United States, and Thailand—together accounted for 90.4% of Cambodia's total soybean imports in volume terms.

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

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

Imports in value, K $ US

The market showed an unstable trend throughout this period. Import values were at their lowest in 2018 at 7.0 thousand US dollars and reached their peak in 2020, representing a 95-fold increase between these years. In 2020, Cambodia's soybean imports were valued at 667.7 thousand US dollars, marking a sharp increase of 190.5% compared to 2019. The most substantial decline occurred in 2018 with a 96.3% decrease, while the largest increase was in 2019 at 3 167.9%.

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

From 2017 to 2020, Canada (38.6% of import value), Thailand (25.1% of import value), and the United States (21.5% of import value) remained the principal suppliers of soybeans to Cambodia, collectively accounting for 85.2% of total import value.

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

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