Soybeans
1201 (Harmonized System 1992 for 4-digit)
Overview: This page contains the latest trade data of Soybeans. In 2019, Soybeans were the world's 59th most traded product, with a total trade of $55.2B. Between 2018 and 2019 the exports of Soybeans decreased by -8.45%, from $60.3B to $55.2B. Trade in Soybeans represent 0.31% of total world trade.
Exports: In 2019 the top exporters of Soybeans were Brazil ($26.1B), United States ($19.1B), Argentina ($3.47B), Paraguay ($1.58B), and Canada ($1.57B).
Imports: In 2019 the top importers of Soybeans were China ($32.1B), Mexico ($2.09B), Netherlands ($1.6B), Egypt ($1.44B), and Japan ($1.41B).
Tariffs: In 2018 the average tariff for Soybeans was 4.09%, making it the 973rd 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 817th in the Product Complexity Index (PCI).
Product Trade
#permalink to sectionExporters and Importers
#permalink to sectionTrade By Country
Soybeans are the world's 59th most traded product.
In 2019, the top exporters of Soybeans were Brazil ($26.1B), United States ($19.1B), Argentina ($3.47B), Paraguay ($1.58B), and Canada ($1.57B).
In 2019, the top importers of Soybeans were China ($32.1B), Mexico ($2.09B), Netherlands ($1.6B), Egypt ($1.44B), and Japan ($1.41B).
Market Dynamics
#permalink to sectionTrade by country
Top Origin Growth (2018 - 2019): Argentina, $1.98B
Top Destination Growth (2018 - 2019): Bangladesh, $258M
Between 2018 and 2019, the exports of Soybeans grew the fastest in Argentina ($1.98B), United States ($1.84B), Uruguay ($399M), Ukraine ($178M), and Romania ($45.9M).
Between 2018 and 2019, the fastest growing importers of Soybeans were Bangladesh ($258M), Mexico ($149M), Egypt ($117M), Thailand ($93.5M), and Spain ($55.5M).
Market Concentration
#permalink to sectionCumulative market share
This chart shows the evolution of the market concentration of exports of Soybeans.
In 2019, market concentration measured using Shannon Entropy, was 2.06. This means that most of the exports of Soybeans are explained by 4 countries.
Net Trade
#permalink to sectionThis 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 2019.
In 2019, the countries that had a largest trade value in exports than in imports of Soybeans were Brazil ($26.1B), United States ($18.8B), Argentina ($2.09B), Paraguay ($1.57B), and Canada ($1.36B).
In 2019, the countries that had a largest trade value in imports than in exports of Soybeans were China ($32B), Mexico ($2.09B), Egypt ($1.44B), Japan ($1.41B), and Spain ($1.37B).
Disaggregation
#permalink to sectionIn 2019, the world most traded Soybeans, disaggragated by their HS6 level were Soya beans ($55.2B)
Tariffs
#permalink to sectionImport Tariffs
#permalink to sectionIn 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%).
Product Complexity
#permalink to sectionDiversification Frontier
#permalink to sectionThe 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.
