Soybeans in Canada | The Observatory of Economic Complexity

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Exports In 2022, Canada exported $2.68B in Soybeans, making it the 4th largest exporter of Soybeans in the world. At the same year, Soybeans was the 33rd most exported product in Canada. The main destination of Soybeans exports from Canada are: China ($675M), Iran ($269M), Japan ($267M), Italy ($233M), and Indonesia ($174M).

The fastest growing export markets for Soybeans of Canada between 2021 and 2022 were China ($330M), Japan ($72.7M), and Italy ($60.2M).

Imports In 2022, Canada imported $331M in Soybeans, becoming the 29th largest importer of Soybeans in the world. At the same year, Soybeans was the 303rd most imported product in Canada. Canada imports Soybeans primarily from: United States ($243M), India ($32M), Togo ($23.6M), Nigeria ($6.78M), and Benin ($3.88M).

The fastest growing import markets in Soybeans for Canada between 2021 and 2022 were United States ($29.6M), India ($28.2M), and Togo ($15.5M).

COMPANIES In 2023, leading companies such as were at the forefront of shipping Soybeans from Canada to the United States.

Latest Trends

January 2024

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Overview In January 2024 Canada's Soybeans exports accounted up to C$323M and imports accounted up to C$17.1M, resulting in a positive trade balance of C$306M. Between January 2023 and January 2024 the exports of Canada's Soybeans have decreased by C$-154M (-32.3%) from C$477M to C$323M, while imports decreased by C$-16.2M (-48.6%) from C$33.2M to C$17.1M.

Destinations In January 2024, Soybeans were exported mostly to Algeria (C$105M), China (C$94.3M), Japan (C$24.9M), Turkey (C$21.1M), and Iran (C$20M), and were imported mostly from United States (C$11.1M), Togo (C$3M), Nigeria (C$1.33M), China (C$1.09M), and Taiwan (C$341k).

Growth In January 2024, the decrease in Soybeans's year-by-year exports was explained primarily by a decrease in exports to Italy (C$-52.7M or -99.7%), Nepal (C$-2.61M or -77.4%), and United States (C$-1.84M or -19.4%). In January 2024, the decrease in Soybeans's year-by-year imports was explained primarily by a decrease in imports from India (C$-1.9M or -95%), Taiwan (C$-142k or -72.4%), and Ukraine (C$-18.3k or -6.69%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (January 2023 - January 2024)C$-154M(-32.3%)

IMPORT GROWTH (January 2023 - January 2024)C$-16.2M(-48.6%)

MAIN EXPORTER (January 2024)ManitobaC$119M

MAIN DESTINATION (January 2024)AlgeriaC$105M

This section shows Soybeans's exports and imports data at subnational level for Canada. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Soybeans over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$2.68B

IMPORTS (2022)$331M

NET TRADE (2022)$2.35B

In 2022, Canada exported $2.68B in Soybeans. The main destinations of Canada exports on Soybeans were China ($675M), Iran ($269M), Japan ($267M), Italy ($233M), and Indonesia ($174M).

In 2022, Canada imported $331M in Soybeans, mainly from United States ($243M), India ($32M), Togo ($23.6M), Nigeria ($6.78M), and Benin ($3.88M).

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