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2023
Exports $27.2BWorld Rnk 2 / 142
Flag Rnk 14 / 1217
2023
Destination $360M China
2022 - 2023
FASTEST GROWING MARKET $360MSpain
2023
PRODUCT COMPLEXITY IN Soybeans-1.67Rnk 968 / 1025
2023
Imports $510MWorld Rnk 22 / 193
Flag Rnk 514 / 1215
2023
Origin $213M Brazil
2022 - 2023
FASTEST GROWING ORIGIN $213MBrazil
2023
ECONOMIC COMPLEXITY of United States1.5Rnk 10 / 132

About

Exports In 2023, United States exported $27.2B in Soybeans, making it the 2nd largest exporter of Soybeans in the world. At the same year, Soybeans was the 14th most exported product in United States. The main destination of Soybeans exports from United States are: China ($15.2B), Germany ($1.63B), Japan ($1.48B), Mexico ($1.34B), and Indonesia ($1.26B).

The fastest growing export markets for Soybeans of United States between 2022 and 2023 were Spain ($360M), Germany ($324M), and Italy ($57.4M).

Imports In 2023, United States imported $510M in Soybeans, becoming the 22nd largest importer of Soybeans in the world. At the same year, Soybeans was the 514th most imported product in United States. United States imports Soybeans primarily from: Brazil ($215M), Canada ($80.3M), Argentina ($64.9M), Turkey ($35.9M), and Ghana ($31.1M).

The fastest growing import markets in Soybeans for United States between 2022 and 2023 were Brazil ($213M), Ghana ($15.9M), and Ethiopia ($6.39M).

COMPANIES In 2023, leading companies such as Pirelli Tires (2), Walong Marketing (1), and Wismettac Asian Foods (1) were at the forefront of shipping Soybeans to the United States.

Latest Trends

November 2024

About

Overview In November 2024 United States' Soybeans exports accounted up to $4.36B and imports accounted up to $21.9M, resulting in a positive trade balance of $4.33B. Between November 2023 and November 2024 the exports of United States'   Soybeans have increased by $370M (9.3%) from $3.98B to $4.36B, while imports decreased by $-17.1M (-43.9%) from $39M to $21.9M.

Destinations In November 2024, Soybeans were exported mostly to China ($2.67B), Mexico ($193M), Spain ($163M), Egypt ($153M), and Italy ($133M), and were imported mostly from Canada ($14.6M), Argentina ($6.35M), Uruguay ($437k), China ($217k), and Paraguay ($151k).

Growth In November 2024, the increase in Soybeans's year-by-year exports was explained primarily by an increase in exports to China ($1.48B or 74.8%), Germany ($101M or 89.4%), and Indonesia ($86.9M or 127%). In November 2024, the decrease in Soybeans's year-by-year imports was explained primarily by a decrease in imports from Canada ($-1.83M or -24.7%), Argentina ($-409k or -64.4%), and China ($-105k or -36.1%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$370M(9.3%)
IMPORT GROWTH (November 2023 - November 2024)$-17.1M(-43.9%)
MAIN EXPORTER (November 2024)Louisiana$1.71B
MAIN DESTINATION (November 2024)China$2.67B

This section shows Soybeans's exports and imports data at subnational level for United States. 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 (2023)$27.2B
IMPORTS (2023)$510M
NET TRADE (2023)$26.7B

In 2023, United States exported $27.2B in Soybeans. The main destinations of United States exports on Soybeans were China ($15.2B), Germany ($1.63B), Japan ($1.48B), Mexico ($1.34B), and Indonesia ($1.26B).

In 2023, United States imported $510M in Soybeans, mainly from Brazil ($215M), Canada ($80.3M), Argentina ($64.9M), Turkey ($35.9M), and Ghana ($31.1M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Soybeans EXPORT MARKETS FOR United States WERE (2022 - 2023):
Spain$360M (66%)
Germany$324M (24.9%)
Italy$57.4M (27.8%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybeans BY United States WERE (2022 - 2023):
China-$3.35B (-18%)
Egypt-$1.55B (-70.6%)
Chinese Taipei-$455M (-39.6%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, United States's main exporting competitors in Soybeans were:
Brazil $53.1B
Paraguay $3.26B
In 2023, United States's main importing competitors in Soybeans were:
China $56.6B
Argentina $5.41B
Japan $2.14B

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Trade Value of Soybeans by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALCanada+ $147M
TOP IMPORT POTENTIALCanada+ $81M

Soybeans’s highest export potential is Canada. With an export gap of $147M.   Soybeans’s highest import potential is Canada with an import gap of $81M.

See methodology.

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