Brazil’s soybean exports are the highest ever recorded in 2022 with a whopping value of $19 billion. This is the highest ‘quarterly’ value registered by Brazil in years, with soybean exports accounting for an upward trend by the second quarter of 2022.
The USA and Brazil are the top producers of soybean, with a contribution of over 60% of the whole world’s soybean production. This year, while soybean farming ploughing good results and exports, the farming industry in the US for soybean is affected and as a result, exports too.
Soybean Production In The US and Brazil
The production of soybean in the US and Brazil were in close war as the values almost nearing each other for both countries. As per SOPA, 2018 registered near about the same value of soybean production for the USA and Brazil. In 2019, the figures in the US went upside down.
The representation of soybean exports for both countries provides historical trade insights into the country’s production. In 2018, the exports registered the highest gap in both countries’ exports. In 2019, the US exports increased but declined again in 2020 with a near value to Brazil.
The exports of soybeans from Brazil and the US in 2021 stood at the highest value of soybean exports for both countries respectively. Brazil amounted to $38.6 billion worth of soybeans exports in 2021, while the US amounted to worth $27.5 billion of soybeans exports.
Top Export Partners of Brazil and the USA
According to Brazil exports 2021, the top export partners for Brazil in its soybean exports are—China with a share value of 70.4%, followed by Spain with a share value of 4.3%, Thailand with a value of 3.3%, the Netherlands with a share value of 3.1%, and Türkiye with a value of 2.6%.
According to the US exports 2021, the top export partners for the USA in its soybean exports are—China with a share value of 51.2%, followed by Mexico with a share value of 9.7%, Egypt with a value of 5.2%, Japan with a share value of 4.9%, and Indonesia with a value of 3.9%.
Brazil Soybean Exports Highest, While US’s Declined
The comparison of the soybean exports of Brazil and the US represented below provides quarterly trends. For Brazil, exports in Q2-2021 were the highest in 2021. However, values decline in Q4-2021 and Q1-2022. Q2-2022 accounted for the highest value of exports.
The value of soybean exports in the USA shows quite opposite trade trends, as the values decreased in the second quarter of 2021 and gradually increased till the fourth quarter of 2021. From the beginning of 2022, the value of soybean exports from the USA are declining frequently.
The shortage of rainfall in several parts of the USA caused the yielding of soybeans not to reach above the average production. The US exports might have declined also due to the fact that about 70% of grown soybeans go onto be used for animal feed.