Soybeans market in Western Asia

Earlier Report Observations

From 2018 to 2020, the soybean market volume in Western Asia increased from 3.8 million tonnes to 4.2 million tonnes, driven by rising imports. This expansion coincided with the escalation of the US-China trade war, which redirected global soybean trade flows towards the region. The COVID-19 pandemic in 2020 introduced logistical challenges and fluctuations in market connectivity, yet import volumes continued to grow.

Market volume contracted to 3.7 million tonnes in 2021 before rebounding sharply to 4.5 million tonnes in 2022. The recovery was supported by regulatory changes in labeling and traceability for soybean products in some Western Asian countries, alongside increased investments in local processing infrastructure. Global factors such as international price fluctuations and geopolitical tensions also affected import patterns during this period.

By 2023, the market stabilized at 4.5 million tonnes. New players entered the regional soybean market, including state-owned and private companies aiming to expand production and processing. The launch of new soybean varieties adapted to local climates, changes in agricultural subsidy policies, and modifications in distribution regulations further shaped the market. In 2024, persistent trade war effects and sanctions continued to influence trade routes and prices, while production costs rose due to inflation and higher input prices.

Production soybeans in Western Asia

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Western Asia's soybean production has grown for the second year in a row. In 2020, the region produced 165.5 K t of soybeans, showing a steady year-over-year increase of 7.4%. From 2017 to 2020, production rose by 13.4%, with an average annual growth rate of 4.3%. The lowest production level was in 2018 at 143.8 K t, which also saw the largest decline of 1.5%.

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

In value, 2017-2020, K $ US

Western Asia's soybean production value has increased for the second consecutive year. In 2020, soybean output was valued at 79 983 K $ US, marking a moderate rise of 6.2% compared to 2019. The lowest value was recorded in 2018 at 73 084 K $ US, with the largest decline that year at 8.0%.

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

Exports soybeans from Western Asia

Exports in kind, K t

In 2020, Western Asia's soybean exports totaled 78 K t, representing a significant decline of 17.7% from the previous year. Between 2017 and 2020, exports fell by 47.4%, equivalent to an annualized decrease of 19.3%. The lowest export volume was in 2018 at 68 K t, which also experienced the largest drop of 53.8%. In contrast, the largest increase occurred in 2019 at 38.5%.

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

From 2017 to 2020, the United States was the top buyer of soybeans from Western Asia, accounting for 79.1% of total exports in volume, while the remaining share was distributed among various other countries.

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

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

Exports in value, M $ US

In 2020, Western Asia's soybean export value reached 37 M $ US, indicating an 18.6% decline from 2019. Over the period 2017-2020, exports decreased by 53.3%, with an annualized rate of 22.4%. The lowest value was in 2018 at 35 M $ US, which saw the largest decline of 56.9%. The largest increase was in 2019 at 33.1%.

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

During 2017-2020, the United States dominated Western Asia's soybean exports in value terms, holding an 82.4% share of total flows, while other markets made up the fragmented remainder.

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

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

Imports soybeans to Western Asia

Imports in kind, K t

Western Asia's soybean import volume has risen for the third consecutive year. In 2020, imports amounted to 4 159 K t, reflecting a modest year-over-year increase of 7.4%. From 2017 to 2020, imports grew by 15.3%, with an average annual growth rate of 4.9%.

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

From 2017 to 2020, Brazil (42.4% of imports in volume), Ukraine (22.3%), and the United States (14.9%) were the leading sources for soybean imports into Western Asia, together accounting for 79.6% of total import flows.

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

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

Imports in value, M $ US

In 2020, Western Asia imported soybeans worth a total of 2 159 M $ US, showing an 11.5% increase compared to 2019. Over the period 2017-2020, imports rose by 14.8%, with an average annual growth rate of 4.7%. The largest decline was in 2019 at 7.8%, while the largest increase occurred in 2018 at 11.6%.

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

Between 2017 and 2020, Brazil (41.0% of imports in value), Ukraine (21.9%), and the United States (15.8%) together represented 78.8% of total import value, remaining the primary sources for soybeans to Western Asia.

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

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