Soybeans market in Eastern Asia

Earlier Report Observations

From 2018 to 2020, the soybean market in Eastern Asia expanded by 16.1 million tons, reaching 124.9 million tons. This growth was driven by U.S.-China trade friction, which redirected imports to Brazilian supplies, and domestic producer support policies that raised domestic output from 16.4 million tons to 20.1 million tons.

After the 2020 peak, market volume contracted to 117.2 million tons in 2021, influenced by international trade volatility and weather-related import fluctuations. A record crop of 20.8 million tons in 2022, achieved through policies expanding planting area and promoting intercropping, offset declining imports and stabilized the market at 116.6 million tons.

In 2023, the market slightly decreased to 113.2 million tons as imports continued to fall, though steady domestic production was supported by expanded crop insurance programs and growing demand for soy protein. Imports rose to 109.4 million tons in 2024, reflecting sustained demand, while ongoing subsidy policies and improved variety breeding continued to bolster domestic output.

Production soybeans in Eastern Asia

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Soybean production in Eastern Asia has grown for the third year in a row. In 2020, the region produced 20,130 thousand tons of soybeans, representing a 7.7% increase from 2019. From 2017 to 2020, production rose by 27%, which translates to an annualized growth rate of 8.3%.

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

In value, 2017-2020, M $ US

Soybean production in Eastern Asia has increased for the third consecutive year. In 2020, the output was valued at 10,330 million US dollars, up 3.3% compared to the previous year. Over the period from 2017 to 2020, production grew by 21.8%, with a compound annual growth rate of 6.8%.

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

Exports soybeans from Eastern Asia

Exports in kind, M t

Soybean exports from Eastern Asia have declined for the second year in a row. In 2020, exports totaled 0.1 million tons, a significant drop of 19.3% from 2019. Between 2017 and 2020, exports fell by 21.3%, equating to an annualized decrease of 7.7%. The highest export volume was recorded in 2018 at 0.2 million tons, with the largest increase of 5.0% also occurring that year.

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

From 2017 to 2020, the Netherlands, the United States, and Denmark were notable buyers of soybeans from Eastern Asia, but their combined share was not dominant. The Netherlands accounted for 8.5% of exports in kind, the United States for 5.2%, and Denmark for 4.2%, totaling just 17.9% of overall exports.

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

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

Exports in value, M $ US

Soybean exports from Eastern Asia have decreased for the second consecutive year. In 2020, exports amounted to 72 million US dollars, down 22.6% from 2019. Over the period from 2017 to 2020, exports dropped by 24.5%, with a compound annual decline of 9.0%. The peak value was recorded in 2018 at 104 million US dollars, with the largest increase of 8.0% also in that year.

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

From 2017 to 2020, soybeans from Eastern Asia were exported to a wide range of markets. The Netherlands, the United States, and Denmark together accounted for only 14.5% of total exports in value terms, with the Netherlands at 6.8%, the United States at 4.5%, and Denmark at 3.1%. The remaining 85.5% was distributed among numerous smaller destinations.

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

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

Imports soybeans to Eastern Asia

Imports in kind, M t

Soybean imports into Eastern Asia have risen for the second year in a row. In 2020, imports reached 104.9 million tons, a 12.6% increase from 2019. From 2017 to 2020, imports grew by 4.8%, with a compound annual growth rate of 1.6%. The lowest import volume was recorded in 2018 at 92.6 million tons, with the largest decline of 7.5% also in that year.

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

Between 2017 and 2020, Brazil and the United States together accounted for 89.0% of total soybean imports into Eastern Asia in kind. Other countries contributed to a diversified but smaller share of imports.

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

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

Imports in value, M $ US

After two years of decline, soybean imports into Eastern Asia have increased. In 2020, import value stood at 41,655 million US dollars, marking a solid 11.2% year-over-year rise. The lowest value was recorded in 2019 at 37,449 million US dollars, with the largest decline of 6.9% also in that year.

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

Throughout 2017 to 2020, Brazil and the United States concentrated 88.9% of total soybean imports into Eastern Asia in value terms. The remaining share was spread across other destinations, each with smaller individual contributions.

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

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