HS Icon Soybean Meal

2304 (Harmonized System 1992 for 4-digit)

World Trade (2019): $24.7B, Rnk 155 / 1217

Top Exporter (2019): $8.81B, Argentina

Top Importer (2019): $1.53B, Vietnam

Product Complexity (2019): -1.13, Rnk 808 / 961

Export Growth (CAGR)(2018 - 2019): -10.5%, Rnk 983 / 1217

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

Share of World Trade (2019): 0.14%, Rnk 155 / 1217

Overview:  This page contains the latest trade data of Soybean Meal. In 2019, Soybean Meal were the world's 155th most traded product, with a total trade of $24.7B. Between 2018 and 2019 the exports of Soybean Meal decreased by -10.5%, from  $27.6B to $24.7B. Trade in Soybean Meal represent 0.14% of total world trade.

Exports: In 2019 the top exporters of Soybean Meal  were Argentina ($8.81B), Brazil ($5.9B), United States ($3.59B), Netherlands ($1.12B), and India ($792M).

Imports: In 2019 the top importers of Soybean Meal were Vietnam ($1.53B), Indonesia ($1.52B), Netherlands ($1.2B), Germany ($1.16B), and France ($1.05B).

Tariffs: In 2018 the average tariff for Soybean Meal was 2.96%, making it the 1144th 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 808th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2019): Argentina, $8.81B

Top Destination (2019): Vietnam, $1.53B

Soybean Meal are the world's 155th most traded product.

In 2019, the top exporters of Soybean Meal were Argentina ($8.81B), Brazil ($5.9B), United States ($3.59B), Netherlands ($1.12B), and India ($792M).

In 2019, the top importers of Soybean Meal were Vietnam ($1.53B), Indonesia ($1.52B), Netherlands ($1.2B), Germany ($1.16B), and France ($1.05B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): Turkey, $182M

Top Destination Growth (2018 - 2019): Cuba, $116M

Between 2018 and 2019, the exports of Soybean Meal grew the fastest in Turkey ($182M), Ukraine ($86M), Poland ($28.1M), Belarus ($24.1M), and Afghanistan ($15.4M).

Between 2018 and 2019, the fastest growing importers of Soybean Meal were Cuba ($116M), United States ($93.6M), Iraq ($90.4M), Turkey ($89.2M), and Bangladesh ($47M).

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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 2019,  market concentration measured using Shannon Entropy, was 3.02. This means that most of the exports of Soybean Meal are explained by 8 countries.

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TOP NET EXPORTER (2019): Argentina, $8.75B

TOP NET IMPORTER (2019): Indonesia, $1.52B

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 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Soybean Meal were Argentina ($8.75B), Brazil ($5.9B), United States ($3.25B), India ($776M), and Paraguay ($692M).

In 2019, the countries that had a largest trade value in imports than in exports of Soybean Meal were Indonesia ($1.52B), Vietnam ($1.51B), France ($1.02B), Thailand ($937M), and Iran ($853M).

Disaggregation

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Value

In 2019, the world most traded Soybean Meal, disaggragated by their HS6 level were Soya-bean oil-cake and other solid residues ($24.7B)

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.