Soybeans market in Myanmar

Earlier Report Observations

Myanmar's soybean market volume exhibited significant fluctuations between 2018 and 2023. Starting at 152.8 thousand tons in both 2018 and 2019, it declined to 140.9 thousand tons in 2020 before recovering to 147.2 thousand tons in 2021. The volume then contracted to 143.0 thousand tons in 2022, followed by a modest increase to 144.8 thousand tons in 2023.

The market's dip in 2022 was primarily due to a sharp fall in imports, which dropped from 16.4 to 7.3 thousand tons. This import contraction was driven by increased production costs resulting from global supply chain disruptions and depreciation of the local currency, which made imported soybeans and agricultural inputs more expensive. Concurrently, a shift in consumer preferences towards plant-based diets supported underlying demand for soy-derived products within the local market.

Production soybeans in Myanmar

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Myanmar's soybean production has declined for the third consecutive year. In 2020, the country produced 135.1 thousand tons of soybeans, marking a gradual decrease of 4.8% compared to the previous year. Over the period from 2017 to 2020, production fell by 7.1%, with a compound annual growth rate of -2.4%.

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

In value, 2017-2020, K $ US

In 2020, the value of soybean output in Myanmar was 59 374 thousand US dollars, showing a slight increase of 1.4% from 2019. From 2017 to 2020, production value decreased by 10.9%, with a compound annual growth rate of -3.8%. The lowest value was recorded in 2019 at 58 580 thousand US dollars, while the highest was in 2018 at 79 118 thousand US dollars. The largest decline occurred in 2019, dropping by 26.0%, and the largest increase was in 2018, rising by 18.7%.

Annual dynamics of production in Myanmar in value, 2017-2020, K $ US

Exports soybeans from Myanmar

Exports in kind, t

There were noticeable fluctuations in export volumes during this period. From the low in 2018 to the high in 2020, soybean export volumes varied by 17 times. In 2020, Myanmar exported 15 873 tons of soybeans, reflecting a significant gain of 240.8% year-over-year. The minimum volume was recorded in 2018 at 952 tons. The largest decline occurred in 2018, falling by 64.0%, while the largest increase was in 2019, surging by 389.2%.

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

From 2017 to 2020, India and China together accounted for 81.5% of total soybean exports in volume, with the remaining flows distributed thinly across other markets.

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

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

Exports in value, K $ US

Export values showed notable fluctuations during this period. From the trough in 2018 to the peak in 2020, values varied by 13.3 times. In 2020, Myanmar exported 6 974 thousand US dollars worth of soybeans, reflecting a rise of 262.8% compared to the previous year. The minimum value was recorded in 2018 at 524 thousand US dollars. The largest decline occurred in 2018, dropping by 56.7%, and the largest increase was in 2019, jumping by 266.8%.

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

Throughout 2017 to 2020, India, China, and Thailand formed the core of soybean exports in value terms, with shares of 47.6%, 30.9%, and 12.2%, respectively. Together, they accounted for 90.7% of total export flows.

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

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

Imports soybeans to Myanmar

Imports in kind, t

Myanmar's soybean import volumes have increased for the second consecutive year. In 2020, imports totaled 21 602 tons, up by 39.2% year-over-year. Over the period from 2017 to 2020, imports grew by 49.6%, with a compound annual growth rate of 14.4%. The minimum volume was recorded in 2018 at 10 064 tons. The largest decline occurred in 2018, falling by 30.3%, while the largest increase was in 2019, rising by 54.2%.

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

From 2017 to 2020, the United States, Brazil, and Paraguay remained the key sources for soybean imports in volume, with shares of 48.6%, 26.4%, and 12.6%, respectively. Together, they accounted for 87.6% of total import flows.

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

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

Imports in value, K $ US

Myanmar's soybean import values have increased for the second consecutive year. In 2020, imports totaled 9 327 thousand US dollars, which is 42.8% higher year-over-year. Between 2017 and 2020, import values increased by 61.7%, equating to an annualized rate of 17.4%. The minimum value was recorded in 2018 at 4 748 thousand US dollars. The largest decline occurred in 2018, dropping by 17.7%.

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

From 2017 to 2020, the United States, Brazil, and Paraguay formed the main group of sources for soybean imports in value terms to Myanmar, with shares of 47.1%, 26.3%, and 11.7%, respectively. Together, they accounted for 85.2% of total import flows.

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

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