Soybeans market in Central Asia

Earlier Report Observations

The soybean market volume in Central Asia showed significant growth from 254.3 thousand tonnes in 2018 to 322.3 thousand tonnes in 2019. This expansion was driven by increased soybean production in Russia, fueled by the adoption of modern technology and GMO varieties, alongside robust global demand from China, which enhanced regional supply. However, the market contracted to 265.1 thousand tonnes in 2020, primarily due to logistics disruptions and weakened demand caused by the COVID-19 pandemic.

The market recovered to 301.0 thousand tonnes in 2021 and further grew to 324.0 thousand tonnes in 2022. This recovery was influenced by Russia's imposition of a 30% export duty on soybeans, which altered trade flows, and the U.S.-China trade war that shifted Chinese demand toward Russian supplies. Favorable global price conditions and rising energy costs also supported the market growth during this period.

In 2023, the market volume fell to 270.2 thousand tonnes. This decline occurred despite continued expansion of soybean cultivation areas in Russia and sustained global demand, highlighting regional dynamics in Central Asia.

Production soybeans in Central Asia

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Central Asia's soybean production declined after two years of growth. In 2019, production reached its peak at 295.9 thousand tons, representing a 9.7% increase from the previous year. However, in 2020, production fell to 270.5 thousand tons, marking an 8.6% decrease compared to 2019. Over the entire period from 2017 to 2020, production grew by 3.2%, which translates to an average annual growth rate of 1.1%.

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

In value, 2017-2020, M $ US

Soybean production in Central Asia declined following two years of expansion. In 2019, the value of soybean output peaked at 148.6 million US dollars, showing a 13.8% rise from the year before. By 2020, the value had dropped to 143.7 million US dollars, a 3.3% decrease compared to 2019. From 2017 to 2020, the overall value increased by 16.4%, with a compound annual growth rate of 5.2%.

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

Exports soybeans from Central Asia

Exports in kind, t

The data shows irregular changes, pointing to a volatile market environment. Soybean export volumes from Central Asia hit their lowest point in 2017 and peaked in 2020, with the highest volume being 2.7 times greater than the lowest. In 2018, exports surged by 102.6%, but in 2019, they fell by 3.0%. By 2020, exports reached 40 729 tons, reflecting a sharp 35.0% increase year-over-year.

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

From 2017 to 2020, the main markets for soybean exports in kind from Central Asia were China, accounting for 36.4% of exports, Sweden with 19.0%, and Afghanistan at 7.7%. Together, these three countries represented 63.1% of total export flows.

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

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

Exports in value, K $ US

Soybean exports from Central Asia increased for the third year in a row. In 2020, exports totaled 21 635 thousand US dollars, up 42.8% compared to the previous year. Between 2017 and 2020, exports grew by 199.1%, which corresponds to an average annual growth rate of 44.1%.

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

Between 2017 and 2020, the primary destinations for soybean exports in value terms from Central Asia were China, with 35.3% of exports, Sweden at 27.4%, and Afghanistan with 5.6%. Collectively, these three markets accounted for 68.3% of total export value.

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

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

Imports soybeans to Central Asia

Imports in kind, t

The data indicates irregular changes, suggesting a volatile market environment. Soybean import volumes into Central Asia were at their lowest in 2017 and reached their highest in 2019, with the peak volume 3.6 times greater than the trough. In 2019, imports jumped by 260.6%, but by 2020, they had fallen to 35 369 tons, a sharp 37.5% decline compared to 2019. The maximum volume was recorded in 2019 at 56 595 tons.

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

From 2017 to 2020, Russia and Belarus were the largest sources for soybean imports in kind to Central Asia, together making up 73.3% of total import flows.

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

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

Imports in value, K $ US

The data reveals irregular changes, highlighting a volatile market environment. Soybean import values into Central Asia were minimal in 2017 and peaked in 2019, with the highest value 4.7 times larger than the lowest. In 2019, imports increased by 193.6%, but in 2020, they dropped to 16 392 thousand US dollars, a significant 32.8% decrease from the previous year. The maximum value was recorded in 2019 at 24 386 thousand US dollars.

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

Throughout 2017 to 2020, Russia dominated soybean imports in value terms to Central Asia, holding 71.5% of the total. The remaining volume was distributed among many other countries, each with smaller individual shares.

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

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