HS Icon Soybeans

1201 (Harmonized System 1992 for 4-digit)

World Trade (2018): $59.2B, Rnk 52 / 1225

Top Exporter (2018): $33.2B, Brazil

Top Importer (2018): $33.8B, China

Product Complexity (2018): -1.3, Rnk 899 / 1018

Export Growth (CAGR)(2017 - 2018): 2.01%, Rnk 1040 / 1225

Mean Tariff (2018): 4.09%, Rnk 973 / 1259

Share of World Trade (2018): 0.32%, Rnk 52 / 1225

Overview: In 2018, Soybeans were the world's 52nd most traded product, with a total trade of $59.2B. Between 2017 and 2018 the exports of Soybeans grew by 2.01%, from  $58.1B to $59.2B. Trade in Soybeans represent 0.32% of total world trade.

Exports: In 2018 the top exporters of Soybeans  were Brazil ($33.2B), United States ($17.2B), Canada ($2.25B), Paraguay ($2.23B), and Argentina ($1.46B).

Imports: In 2018 the top importers of Soybeans were China ($33.8B), Argentina ($2.36B), Mexico ($1.94B), Netherlands ($1.92B), and Japan ($1.42B).

Tariffs: In 2018 the average tariff for Soybeans was 4.09%, been the 973 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Soybeans are South Korea (469%), Thailand (77.3%), Venezuela (38.4%), Bahamas (31.2%), and India (25.5%). The countries with the lowest tariffs are Angola (0%), Egypt (0%), Mauritius (0%), United Arab Emirates (0%), and Armenia (0%).

Ranking: Soybeans ranks 899th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Brazil, $33.2B

Top Destination (2018): China, $33.8B

Soybeans are the world's 52nd most traded product.

In 2018, the top exporters of Soybeans were Brazil ($33.2B), United States ($17.2B), Canada ($2.25B), Paraguay ($2.23B), and Argentina ($1.46B).

In 2018, the top importers of Soybeans were China ($33.8B), Argentina ($2.36B), Mexico ($1.94B), Netherlands ($1.92B), and Japan ($1.42B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Brazil, $7.34B

Top Destination Growth (2017 - 2018): Argentina, $1.73B

Between 2017 and 2018, the exports of Soybeans grew the fastest in Brazil ($7.34B), Canada ($340M), Netherlands ($231M), Russia ($119M), and Croatia ($56.7M).

Between 2017 and 2018, the fastest growing importers of Soybeans were Argentina ($1.73B), Egypt ($497M), Netherlands ($312M), Iran ($223M), and Mexico ($221M).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Soybeans.

In 2018,  market concentration measured using Shannon Entropy, was 1.88. This means that most of the exports of Soybeans are explained by 3 countries.

TOP NET EXPORTER (2018): Brazil, $33.1B

TOP NET IMPORTER (2018): China, $33.7B

This map shows which countries export or import more of Soybeans. Each country is colored based on the difference in exports and imports of Soybeans during 2018.

In 2018, the countries that had a largest trade value in exports than imports of Soybeans were Brazil ($33.1B), United States ($16.9B), Paraguay ($2.23B), Canada ($1.89B), and Ukraine ($866M).

In 2018, the countries that had a largest trade value in imports than exports of Soybeans were China ($33.7B), Mexico ($1.94B), Netherlands ($1.61B), Japan ($1.42B), and Spain ($1.32B).

Trade Forecasts

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This section shows forecasts for total trade for Soybeans. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Import Tariffs

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In 2018, the average tariff for importing Soybeans was 4.09%.  The countries with the highest tariffs for importing Soybeans were South Korea (469%), Thailand (77.3%), Venezuela (38.4%), Bahamas (31.2%), and India (25.5%).

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Product Complexity

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.