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2022
Exports $2.68BWorld Rnk 4 / 139
Flag Rnk 33 / 1210
2022
Destination $330M China
2021 - 2022
FASTEST GROWING MARKET $330MChina
2022
PRODUCT COMPLEXITY IN Soybeans-1.62Rnk 963 / 1025
2022
Imports $331MWorld Rnk 29 / 200
Flag Rnk 303 / 1213
2022
Origin $29.6M United States
2021 - 2022
FASTEST GROWING ORIGIN $29.6MUnited States
2022
ECONOMIC COMPLEXITY of Canada0.92Rnk 31 / 133

About

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).

Latest Trends

August 2024

About

Overview In August 2024 Canada's Soybeans exports accounted up to C$148M and imports accounted up to C$8.46M, resulting in a positive trade balance of C$139M. Between August 2023 and August 2024 the exports of Canada's   Soybeans have increased by C$46.9M (46.6%) from C$101M to C$148M, while imports decreased by C$-9.67M (-53.3%) from C$18.1M to C$8.46M.

Destinations In August 2024, Soybeans were exported mostly to Japan (C$29.7M), United States (C$27.7M), Algeria (C$26.1M), Indonesia (C$12.5M), and Malaysia (C$9.33M), and were imported mostly from United States (C$6.39M), China (C$840k), Nigeria (C$672k), Argentina (C$259k), and India (C$147k).

Growth In August 2024, the increase in Soybeans's year-by-year exports was explained primarily by an increase in exports to China (C$216M or 1.22k%), Iran (C$23.9M or 28%), and Japan (C$12.7M or 104%). In August 2024, the decrease in Soybeans's year-by-year imports was explained primarily by a decrease in imports from India (C$-1.9M or -95%), Chinese Taipei (C$-142k or -72.4%), and Ukraine (C$-18.3k or -6.69%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (August 2023 - August 2024)C$46.9M(46.6%)
IMPORT GROWTH (August 2023 - August 2024)C$-9.67M(-53.3%)
MAIN EXPORTER (August 2024)ManitobaC$119M
MAIN DESTINATION (August 2024)JapanC$29.7M

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
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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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soybeans EXPORT MARKETS FOR Canada WERE (2021 - 2022):
China$330M (95.7%)
Japan$72.7M (37.4%)
Italy$60.2M (34.9%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybeans BY Canada WERE (2021 - 2022):
Bangladesh-$76.1M (-58.6%)
Norway-$48.4M (-61.9%)
Pakistan-$46.6M (-98.6%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, Canada's main exporting competitors in Soybeans were:
Brazil $47.2B
United States $34.6B
Argentina $3.25B
In 2022, Canada's main importing competitors in Soybeans were:
China $54.1B
Mexico $4.08B
Japan $2.47B

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Trade Value of Soybeans by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $249M
TOP IMPORT POTENTIALUnited States+ $147M

Soybeans’s highest export potential is China. With an export gap of $249M.   Soybeans’s highest import potential is United States with an import gap of $147M.

See methodology.

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