In 2023, China maintained its position as the dominant importer of soya beans, with imports valued at $33.98 billion, significantly overshadowing other top importers. The Netherlands, Mexico, Japan, Germany, and Spain follow with import values ranging between approximately $1.28 billion and $1.86 billion. Russia, Indonesia, Turkey, and South Korea reported imports below $1 billion.
Over the past two years, the growth in import values showed a modest increase, reflecting steady demand across these countries. The five-year Compound Annual Growth Rate (CAGR) suggests moderate yet sustained growth in soya bean imports globally, driven by rising consumption, particularly in China and emerging markets.
Future trends to watch for include:
- China's continued influence on global soy markets due to its vast demand.
- Potential growth in emerging markets like Indonesia and Turkey as their economies expand.
- Shifts in trade dynamics resulting from policy changes or geopolitical tensions.
- The impact of sustainable agricultural practices and possible shifts towards alternative protein sources.
Top countries in Top Importers of Soya Beans
| # | 10 Countries | Million US Dollars | Last Year | |
|---|---|---|---|---|
| 1 | 1 China | 33,980 | 2016 | |
| 2 | 2 Netherlands | 1,860 | 2016 | |
| 3 | 3 Mexico | 1,620 | 2016 | |
| 4 | 4 Japan | 1,530 | 2016 | |
| 5 | 5 Germany | 1,280 | 2016 | |
| 6 | 6 Spain | 1,280 | 2016 | |
| 7 | 7 Russia | 977.49 | 2016 | |
| 8 | 8 Indonesia | 959.04 | 2016 | |
| 9 | 9 Turkey | 885.3 | 2016 | |
| 10 | 10 South Korea | 596.77 | 2016 |
