Brazil has overtaken the US in soybean exports

Published Feb 27, 2024

Tridge summary

In 2023, Brazil's soybean exports hit a record high of 101.9 million tons, a 29% increase from the previous year, while U.S. exports dropped by 14% to 48.69 million tons. Together, Brazil and the U.S. contribute over 80% of the global soybean supply, with China being the primary consumer. Over the past 20 years, Brazilian soybean exports have quadrupled, generating a record revenue of $53.2 billion in 2023. In contrast, U.S. soybean export revenue for the same year was $27.9 billion.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybean exports from Brazil in 2023 reached a record 3,744 million bushels (101.9 million tons), up 29% from a year earlier, online publication AgNews reported Feb. 26. U.S. soybean exports fell 14% to 1,789 million bushels (48.69 million tons) during the same period. The United States and Brazil together account for more than 80% of the world’s soybean supply. China purchases about 60% of the soybeans on the world market. 73% of soybeans exported from Brazil go to China. The U.S. sells 51% of its soybeans to China. Brazil first overtook the US in 2013. Since 2017, Brazil has not relinquished the lead. Over the past two decades, Brazilian soybean exports have quadrupled, up 431%. From 705 million bushels (19.187 million tons) in 2004 to 3,744 million bushels (101.9 million tons) in 2023. Brazil’s Foreign Trade Secretariat (Secex) reported that revenue from Brazilian soybean exports totaled a record $53.2 billion (Rmb4.95 trillion) in 2023, up from $46.5 billion (Rmb4.3 trillion) ...

Source: UkrAgroConsult