Monthly soybean imports in China 2023-2024

In November 2024, soybean imports to China amounted to approximately 3.53 billion U.S. dollars, decreasing by around 22.2 percent compared to the same period of the previous year. Despite the seasonal fluctuation in soybean imports, China remains the largest soybean importer in the world. 

Global top market for soybeans

As a major oilseed and protein meal product, soybean is very important in the Chinese diet. Traditional food uses of soybeans include soy milk, tofu, and tofu skin. Soybean imports to China have been increasing. In 2023, more than 99.4 million metric tons of soybeans were imported to China, almost ten times as much as the import volume in 2000. The global soybean import volume amounted to around 172 million metric tons in 2023/24. In addition, China’s domestic soybean oil demand reached around 17.8 million metric tons in 2023. 

Brazil – China's largest soybean supplier

Soybean is Brazil’s main export commodity. In 2023, Brazil held the top rank as China’s largest soybean supplier with a market share of about 69 percent. The United States and Argentina were also among the top three soybean supplying countries to China. In 2023, Brazilian soybean exports to China amounted to around 39 billion U.S. dollars. 
Soybean production in Brazil was forecasted to amount to over 158 million metric tons in 2024, and it was expected to exceed 169 million tons by 2033. Additionally, the harvesting area of soybeans was forecasted to exceed 45.4 million hectares by then.