Soybeans market in Latin America and the Caribbean

Earlier Report Observations

The soybean market volume in Latin America and the Caribbean grew from 86.2 million tons in 2018 to 105.8 million tons in 2021. This expansion was driven by continuous increases in cultivated area, supported by large investments from transnational companies and advances in agricultural technology and biotechnology, particularly in Brazil and Paraguay. Rising international demand, especially from China, further stimulated production and exports during this period.

Climate factors introduced volatility in 2022, reducing the market volume to 94.8 million tons as production fell to 177.0 million tons. However, improved weather conditions in 2023 facilitated a recovery, with market volume stabilizing at 96.7 million tons and production rising to 192.2 million tons, aided by ongoing technological investments and better yield expectations in Argentina.

In 2024, soybean exports from the region reached 110.9 million tons, supported by sustained demand from China and macroeconomic conditions such as the depreciation of the Brazilian real, which enhanced export competitiveness. These factors reinforced Latin America's position as a key supplier in the global soybean market.

Production soybeans in Latin America and the Caribbean

In kind, 2017-2020, M t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Soybean production in Latin America and the Caribbean grew for the second consecutive year. In 2020, the region produced 186.9 million tons of soybeans, marking a 1.4% increase from the previous year. The lowest production volume was recorded in 2018 at 171.5 million tons, which also saw the largest decline of 8.1%. In contrast, 2019 experienced the largest increase in production at 7.5%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, M t

In value, 2017-2020, M $ US

After two years of decline, soybean production in Latin America and the Caribbean saw an upturn. In 2020, the output was valued at 65 709 million US dollars, remaining nearly unchanged from the previous year. From 2017 to 2020, production decreased by 6.8%, which translates to an annualized rate of 2.3%. The lowest value was recorded in 2019 at 65 400 million US dollars, with the largest decline of 4.9% occurring that same year.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports soybeans from Latin America and the Caribbean

Exports in kind, K t

In 2020, soybean exports from Latin America and the Caribbean totaled 95 814 thousand tons, rising by 6.0% compared to the previous year. Between 2017 and 2020, exports increased by 13.8%, equivalent to an annualized growth rate of 4.4%. The largest decline was recorded in 2019 at 2.5%, while the largest increase occurred in 2018 with a 10.2% rise.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, China remained the primary market for soybean exports in volume terms, accounting for 72.8% of total flows. The remaining volume was distributed among numerous other destinations.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

In 2020, Latin America and the Caribbean exported soybeans worth 33 682 million US dollars, reflecting a moderate year-over-year increase of 5.0%. Over the period from 2017 to 2020, exports grew by 5.9%, with a compound annual growth rate of 1.9%. The highest value was recorded in 2018 at 37 190 million US dollars, which also saw the largest increase of 16.9%. In contrast, 2019 experienced the largest decline of 13.8%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Between 2017 and 2020, China accounted for 73.3% of the total value of soybean exports from Latin America and the Caribbean. The remaining flows were scattered across multiple smaller trading partners.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports soybeans to Latin America and the Caribbean

Imports in kind, K t

The market exhibited volatility during these years. Imports reached their lowest point in 2017 and peaked in 2019, showing a 2.9-fold difference between these years. In 2020, Latin America and the Caribbean imported 6 072 thousand tons of soybeans, representing a dramatic decline of 36.5% from the previous year. The highest volume was recorded in 2019 at 9 559 thousand tons, while the largest increase occurred in 2018 with a 126.4% surge.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Throughout 2017 to 2020, the United States remained the principal supplier of soybeans to Latin America and the Caribbean, capturing 39.2% of total imports in volume terms.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

The market displayed volatility over the observed period. Imports hit their lowest point in 2017 and reached their maximum in 2019, with a 2.9-fold gap between these years. In 2020, Latin America and the Caribbean imported soybeans valued at 4 207 million US dollars, indicating a 32.3% drop year-over-year. The highest value was recorded in 2019 at 4 207 million US dollars, and the largest increase occurred in 2018 with a 131.9% rise.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the United States stood out as the main supplier of soybeans to Latin America and the Caribbean, accounting for 41.1% of total imports in value terms.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020