Brazil has doubled overtaken the US in soybean exports

Soybean exports from Brazil in 2023 reached a record 3,744 million bushels (101.9 million tons), up 29% from a year earlier, online publication AgNews reported Feb. 26.

U.S. soybean exports fell 14% to 1,789 million bushels (48.69 million tons) during the same period. The United States and Brazil together account for more than 80% of the world’s soybean supply. China purchases about 60% of the soybeans on the world market.

73% of soybeans exported from Brazil go to China. The U.S. sells 51% of its soybeans to China. Brazil first overtook the US in 2013. Since 2017, Brazil has not relinquished the lead.

Over the past two decades, Brazilian soybean exports have quadrupled, up 431%. From 705 million bushels (19.187 million tons) in 2004 to 3,744 million bushels (101.9 million tons) in 2023.

Brazil’s Foreign Trade Secretariat (Secex) reported that revenue from Brazilian soybean exports totaled a record $53.2 billion (Rmb4.95 trillion) in 2023, up from $46.5 billion (Rmb4.3 trillion) in 2022. Including soybean oil and soybean meal, revenue reached $67.3 billion (Rmb6.25 trillion) in 2023, or 40% of the country’s export earnings.

USDA reported that, soybean export revenue in 2023 was $27.9 billion (Rmb2.6 trillion) and in 2022 was $34.4 billion (Rmb3.2 trillion). On average over the past five years, the U.S. has exported 49% of the soybeans produced. The soybean crop for the 2022/23 marketing year reached 4,160 million bushels (113 million tons), slightly less than a year earlier.

Tags: export, Brazil, soybean, USA