Soybeans market in China

Earlier Report Observations

From 2018 to 2020, the soybean market volume in China expanded from 103.9 million tons to 119.8 million tons. This growth was fueled by a rise in domestic production from 16.0 million tons to 19.6 million tons, supported by the government's supply guarantee and yield improvement policies initiated in 2019. At the same time, imports increased from 88.0 million tons to 100.3 million tons, aided by global monetary stimulus such as the Federal Reserve's quantitative easing in 2020 and a shift in import sourcing from the United States to Brazil due to the U.S.-China trade friction.

Between 2021 and 2023, the market volume adjusted downward to 108.2 million tons, stabilizing in 2022. The decline in imports from 100.3 million tons to 87.4 million tons occurred against a backdrop of record world soybean production, which lowered international prices and reduced the attractiveness of imports for crushing. Concurrently, domestic production continued to climb, reaching 20.8 million tons in 2023, driven by expanded planting areas and improved agricultural technologies, partially offsetting the drop in imports.

In 2024, soybean imports to China reached 105.0 million tons, signaling a recovery in demand, while policy support for the soybean value chain and the expansion of crop insurance coverage continued to bolster domestic output.

Production soybeans in China

In kind, 2017-2020, K t

Between 2017 and 2020, China ranked as the world's fourth-largest producer of soybeans.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

China's soybean production grew for the third consecutive year. In 2020, the country produced 19,600 thousand tonnes of soybeans, marking a moderate year-over-year increase of 8.3%. From 2017 to 2020, production rose by 28.3%, which translates to an annualized growth rate of 8.6%.

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

In value, 2017-2020, M $ US

China's soybean production value increased for the second consecutive year. In 2020, the output was valued at 17,597 million US dollars, showing a strong rise of 20.6% compared to 2019. Over the period from 2017 to 2020, production value grew by 41.7%, with a compound annual growth rate of 12.3%. The lowest value was recorded in 2018 at 11,926 million US dollars. The largest decline occurred in 2018, dropping by 4.0%, while the largest increase was in 2019, rising by 22.3%.

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

Exports soybeans from China

Exports in kind, M t

China's soybean exports declined for the second consecutive year. In 2020, exports reached 0.1 million tonnes, representing an abrupt drop of 30.5% compared to the previous year. From 2017 to 2020, exports decreased by 29.1%, with a compound annual growth rate of -10.8%. The highest value was recorded in 2018 at 0.1 million tonnes, with the largest increase that year at 19.4%.

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

From 2017 to 2020, the principal destinations for China's soybean exports in kind were South Korea, accounting for 38.4% of exports, Japan at 23.2%, and the Netherlands at 8.8%. Together, these three countries made up 70.4% of total export flows.

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

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

Exports in value, M $ US

China's soybean exports in value terms declined for the second consecutive year. In 2020, the country exported 71 million US dollars worth of soybeans, which is 22.6% lower than the previous year. Between 2017 and 2020, exports decreased by 21.7%, equating to an annualized rate of -7.8%. The peak value was recorded in 2018 at 100 million US dollars, with the largest increase that year at 9.7%.

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

From 2017 to 2020, South Korea, with 41.6% of exports in value terms, Japan at 24.7%, and the Netherlands at 7.0% consistently remained the main destinations for China's soybean exports. Collectively, they accounted for 73.4% of total export flows.

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

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

Imports soybeans to China

Imports in kind, M t

China's soybean import volume increased for the second consecutive year. In 2020, imports reached 100.3 million tonnes, reflecting a strong rise of 13.3% compared to 2019. Over the period from 2017 to 2020, imports grew by 5%, with a compound annual growth rate of 1.6%. The lowest volume was recorded in 2018 at 88.0 million tonnes, with the largest decline that year at 7.8%.

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

Throughout 2017 to 2020, Brazil and the United States were the core markets for China's soybean imports in kind, jointly accounting for 89.0% of total flows. Other destinations had comparatively modest shares.

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

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

Imports in value, M $ US

After a two-year decline, China's soybean imports increased. In 2020, the import value amounted to 39,546 million US dollars, indicating a notable uptick of 11.9% compared to 2019. The lowest value was recorded in 2019 at 35,342 million US dollars, with the largest decline that year at 7.2%.

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

From 2017 to 2020, Brazil, with 64.0% of total flows, and the United States at 25.1% together formed 89.1% of China's soybean imports in value terms. Other partners accounted for the remaining volume.

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

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