Soybeans market in Colombia

Earlier Report Observations

After reaching 743 thousand metric tons in 2018, the Colombian soybean market volume contracted over the next two years, falling to 557 thousand metric tons by 2021. This decline was primarily driven by reduced imports, which faced supply chain disruptions from the COVID-19 pandemic in 2020 and were further constrained by persistently high international prices and adverse weather patterns like El Niño and La Niña in 2021. The market's high reliance on imports, reinforced by the free trade agreement with the United States, left it exposed to these external shocks.

The market entered a recovery phase from 2022 onward, with volume climbing to 683 thousand metric tons in 2023. This turnaround was fueled by a significant expansion of domestic output, which nearly doubled from 2018 levels to reach 198 thousand metric tons in 2023. Key drivers included the consolidation of the Altillanura plains as the country's main soybean belt, where planted area increased substantially. Improved crop yields, attractive global prices, and access to alternative financing for state-owned and private agribusinesses enabled producers to scale up operations, leading to record national production.

Production soybeans in Colombia

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Soybean production in Colombia has increased for the third consecutive year. In 2020, the country produced 119.4 K t of soybeans, representing a 4.7% increase compared to the previous year. Between 2017 and 2020, production grew by 49.1%, which translates to an annualized growth rate of 14.2%.

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

Exports soybeans from Colombia

Exports in kind, K t

The market showed an unstable trend throughout the period. From the low in 2018 to the high in 2017, export volumes varied by 18 times. In 2020, cross-border shipments of soybeans from Colombia reached 0.0 K t, down by 91.6% compared to the previous year. The minimum value was recorded in 2018 at 0.0 K t. The largest decline occurred in 2018, with a drop of 94.5%, while the largest increase was in 2019, with a rise of 1 321.1%.

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

From 2017 to 2020, Ecuador and Venezuela accounted for the bulk of exports in kind, jointly representing 99.7% of total flows.

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

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

Exports in value, M $ US

There were noticeable fluctuations in market performance during this period. Export levels fluctuated by 6 times between the low of 2020 and the high of 2019. In 2020, soybean exports from Colombia amounted to 0.0 M $ US, which is 83.4% less year-over-year. The maximum value was recorded in 2019 at 0.1 M $ US. The largest increase occurred in 2019, with a rise of 440.9%.

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

Throughout 2017 to 2020, Ecuador and Venezuela formed the core markets for exports in value terms of soybeans from Colombia, with a combined share of 99.6% of total flows.

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

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

Imports soybeans to Colombia

Imports in kind, K t

Foreign soybean supplies to Colombia declined for the second consecutive year. In 2020, imports amounted to 491.7 K t, reflecting a robust decline of 21.2% over the past year. Over the period from 2017 to 2020, imports decreased by 8.6%, with a compound annual growth rate of 3.0%. The maximum value was recorded in 2018 at 650.5 K t. The largest increase occurred in 2018, with a rise of 20.9%.

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

From 2017 to 2020, imports in kind remained heavily focused on the United States, which accounted for 100.0% of total flows.

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

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

Imports in value, M $ US

Soybean volumes imported by Colombia declined for the second consecutive year. In 2020, Colombia imported a total of 192.5 M $ US of soybeans, marking a notable decrease of 15.6% compared to 2019. Between 2017 and 2020, imports decreased by 10.1%, equating to an annualized rate of 3.5%. The maximum value was recorded in 2018 at 249.8 M $ US. The largest increase occurred in 2018, with a rise of 16.7%.

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

From 2017 to 2020, the country structure of imports in value terms was highly concentrated, with the United States alone accounting for 99.9% of total flows.

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

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