HS Icon Soybean Meal

2304 (Harmonized System 1992 for 4-digit)

World Trade (2018): $27B, Rnk 140 / 1225

Top Exporter (2018): $9.2B, Argentina

Top Importer (2018): $1.78B, Indonesia

Product Complexity (2018): -0.91, Rnk 798 / 1018

Export Growth (CAGR)(2017 - 2018): 17.6%, Rnk 403 / 1225

Mean Tariff (2018): 2.96%, Rnk 1144 / 1259

Share of World Trade (2018): 0.15%, Rnk 140 / 1225

Overview: In 2018, Soybean Meal were the world's 140th most traded product, with a total trade of $27B. Between 2017 and 2018 the exports of Soybean Meal grew by 17.6%, from  $23B to $27B. Trade in Soybean Meal represent 0.15% of total world trade.

Exports: In 2018 the top exporters of Soybean Meal  were Argentina ($9.2B), Brazil ($6.8B), United States ($4.18B), Netherlands ($1.15B), and Paraguay ($945M).

Imports: In 2018 the top importers of Soybean Meal were Indonesia ($1.78B), Vietnam ($1.77B), Netherlands ($1.51B), Thailand ($1.21B), and Germany ($1.2B).

Tariffs: In 2018 the average tariff for Soybean Meal was 2.96%, been the 1144 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Soybean Meal are Thailand (61.5%), Iceland (52.7%), Bahamas (40.2%), Venezuela (38.5%), and Maldives (24.5%). The countries with the lowest tariffs are Angola (0%), Madagascar (0%), Mauritania (0%), Mauritius (0%), and United Arab Emirates (0%).

Ranking: Soybean Meal ranks 798th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Argentina, $9.2B

Top Destination (2018): Indonesia, $1.78B

Soybean Meal are the world's 140th most traded product.

In 2018, the top exporters of Soybean Meal were Argentina ($9.2B), Brazil ($6.8B), United States ($4.18B), Netherlands ($1.15B), and Paraguay ($945M).

In 2018, the top importers of Soybean Meal were Indonesia ($1.78B), Vietnam ($1.77B), Netherlands ($1.51B), Thailand ($1.21B), and Germany ($1.2B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Brazil, $1.76B

Top Destination Growth (2017 - 2018): Vietnam, $340M

Between 2017 and 2018, the exports of Soybean Meal grew the fastest in Brazil ($1.76B), United States ($908M), Netherlands ($320M), Paraguay ($204M), and China ($117M).

Between 2017 and 2018, the fastest growing importers of Soybean Meal were Vietnam ($340M), Thailand ($321M), Poland ($320M), Germany ($306M), and Iran ($264M).

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Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Soybean Meal.

In 2018,  market concentration measured using Shannon Entropy, was 2.98. This means that most of the exports of Soybean Meal are explained by 7 countries.

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TOP NET EXPORTER (2018): Argentina, $9.17B

TOP NET IMPORTER (2018): Indonesia, $1.78B

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

In 2018, the countries that had a largest trade value in exports than in imports of Soybean Meal were Argentina ($9.17B), Brazil ($6.8B), United States ($3.94B), Paraguay ($945M), and India ($878M).

In 2018, the countries that had a largest trade value in imports than in exports of Soybean Meal were Indonesia ($1.78B), Vietnam ($1.75B), Thailand ($1.19B), Poland ($1.03B), and France ($1.02B).

Trade Forecasts

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This section shows forecasts for total trade for Soybean Meal. 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 Soybean Meal was 2.96%.  The countries with the highest tariffs for importing Soybean Meal were Thailand (61.5%), Iceland (52.7%), Bahamas (40.2%), Venezuela (38.5%), and Maldives (24.5%).

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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.