Soybeans market in South-eastern Asia

Earlier Report Observations

The soybean market volume in South-eastern Asia showed considerable volatility from 2018 to 2020. The initial high volume in 2018 was supported by U.S.-China trade tensions, which led to tariffs on U.S. soybeans and increased global ending stocks, enhancing supply availability for the region. In 2019, severe flooding during the planting season reduced soybean acreage and supply, while China's shift toward Brazilian beans amid the trade conflict intensified competition for shipments, contributing to a market contraction.

The period from 2021 to 2023 was marked by stabilization under global pressure. Soaring fertilizer costs and a tight global supply outlook in 2022, worsened by Russia's invasion of Ukraine disrupting fertilizer imports for key producers, constrained availability and lowered the market volume. China's reduced soybean demand due to high domestic edible oil stocks also weighed on trade. Market conditions steadied in 2023 as trade negotiations between the U.S. and China eased tensions, improving sentiment and access to supplies.

In 2024, soybean imports into the region increased significantly, driven by record Brazilian production forecasts which reinforced its role as a leading global supplier, alongside rising import volumes in countries like Vietnam.

Production soybeans in South-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 Southeast Asia has declined for the second year in a row. In 2020, the region produced 578 K t of soybeans, marking a significant 19.5% decrease compared to 2019. Over the 2017-2020 period, production fell by 36.6%, with an average annual decline of 14.1%. The highest production level was recorded in 2018 at 1 322 K t, which represented a 45.0% increase from the previous year. The largest drop occurred in 2019, with a 45.7% reduction.

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

In value, 2017-2020, M $ US

Soybean production in Southeast Asia has decreased for the second consecutive year. In 2020, the output was valued at 315.6 M $ US, reflecting a substantial 38.8% decline compared to 2019. Between 2017 and 2020, production value dropped by 50.4%, equating to an average annual decrease of 20.8%. The peak value was recorded in 2018 at 865.2 M $ US, which saw a 36.1% increase from the previous year. The most significant decline occurred in 2019, with a 40.4% reduction.

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

Exports soybeans from South-eastern Asia

Exports in kind, K t

The market exhibited volatility during the observed period. The lowest export volume was recorded in 2018 at 17 K t, while the highest was in 2020 at 33 K t, showing a 1.9-fold difference. In 2020, soybean deliveries from Southeast Asia totaled 33 K t, representing an 85.7% increase compared to the previous year. The largest decline occurred in 2018, with a 41.6% drop.

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

From 2017 to 2020, the geographical structure of soybean exports in kind was highly diversified. China accounted for 14.7% of exports, India for 11.4%, and Pakistan for 10.8%, together making up only 36.9% of total flows. The remaining 63.1% was distributed among numerous smaller partner countries.

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

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

Exports in value, M $ US

Soybean exports from Southeast Asia have increased for the second consecutive year. In 2020, exports reached 18 M $ US, up by 41.3% from the previous year. Between 2017 and 2020, however, exports decreased by 11.2%, equating to an average annual decline of 3.9%. The lowest value was recorded in 2018 at 11 M $ US, which saw the largest decline of 45.1% that year.

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

From 2017 to 2020, soybean exports in value terms from Southeast Asia were characterized by a broad spread across markets. China accounted for 13.6% of exports, India for 9.9%, and Pakistan for 9.1%, together comprising only 32.7% of total flows.

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

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

Imports soybeans to South-eastern Asia

Imports in kind, K t

After a two-year decline, soybean imports into Southeast Asia have increased. In 2020, imports amounted to 9 319 K t, up by 34.5% compared to the previous year. Between 2017 and 2020, imports rose by 15.4%, equating to an average annual growth rate of 4.9%. The lowest import volume was recorded in 2019 at 6 927 K t, which experienced the largest decline of 10.3% that year.

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

From 2017 to 2020, the United States remained the primary source for soybean imports into Southeast Asia, accounting for 70.5% of total imports in kind. Other destinations played much less significant roles.

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

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

Imports in value, M $ US

After a two-year decline, soybean imports into Southeast Asia have increased. In 2020, imports reached 3 782 M $ US, marking a dramatic 36.3% advance year-over-year. Over the 2017-2020 period, imports grew by 9%, with an average annual increase of 2.9%. The lowest value was recorded in 2019 at 2 775 M $ US, which saw the largest decline of 19.3% that year.

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

Throughout 2017 to 2020, the United States was the main supplier of soybeans to Southeast Asia, accounting for 70.3% of total imports in value terms. Other partners held relatively modest shares.

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

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