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Soybeans: Brazil exports 72.467 million tons of soybeans in the first seven months of 2023.

Porto Alegre - RS - Brasil - 20230825

China imported, in the first seven months of 2023, 50.42 million tons of soybeans from Brazil.
Destination of Brazilian soybeans in 2023 and main buyers of Brazilian soybeans.

Source: Comexstat

Brazilian soybeans exports exceed 72.467 million tons in the first seven months of the year 2023, representing 19.73% above the same period of the year 2022.

Of the 72.467 million tons exported, around 50.42 million tons were destined for China, corresponding to 69.58% of the volume exported in the first seven months of this year. China is the main buyer of Brazilian soybeans and, compared to the previous year, purchases from China increased by around 24.83%, whose imports totaled 40.39 million tons in the same period of 2022.

In second place is Argentina, which imported, in the first seven months, approximately 3.49 million tons. The reason is due to the severe drought suffered by the country, whose harvest was less than half of the initial estimates, with Brazil being one of the major suppliers for the Argentine market.

The main destination for Brazilian soybeans is China.
Soybeans exports in 2023: Brazil exceeds 72.46 million tons

Source: Comexstat

With record production for the 2022/2023 crop, around 154 million tons, Brazil naturally exported more soybeans, totaling 11.94 million tons more than the year 2022, compared to the first seven months of each year. The 10 main buyers of Brazilian soy purchased around 63.46 million tons, representing 87.57% of the total exported in 2023.

What sets the list apart are China and Argentina, the former taking advantage of prices and the market, with an average of US$ 525.47 in net FOB value in 2023, purchasing the product at lower prices than in 2022, with average of US$ 583.88 in net FOB value, corresponding to 10% lower, if compared to the first seven months of each year. Argentina, on the other hand, needed to import the Brazilian oilseed due to the severe drought that devastated local agriculture for almost 2 years.

China and Argentina lead the list in soybean purchases from Brazil in 2023.
Biggest soybean buyers from Brazil in 2023

Estimates of soybean exports from Brazil are approximately 97 million tons in 2023, compared to 78.73 million in 2022, corresponding to an increase of approximately 24%.

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