Top Strategies for Expanding Your Soybean Export Market

Updated: 11-Mar-2024
Top Strategies for Expanding Your Soybean Export Market

Agriculture is critical to the functioning of an economy. It is the foundation of our economic system. Agriculture not only produces food and raw materials but also employs a significant section of the population. In India, agriculture is the primary occupation for the working people. Approximately 70% of our people work directly in agriculture. Growing soybean exports is a strategic endeavor that involves meticulous planning, market analysis, and good execution.

With global demand for soybeans increasing, soybean exporters can benefit by expanding into new markets and diversifying their export destinations. In this blog, we will look at some of the best strategies that soybean exporters may use to broaden their market reach and improve their competitiveness. Along with this, we provide some useful insights, such as Soybean export data, soybean hs code, top exporters of soybeans, etc.

Can I export soybeans from India?

Yes, exporting soybeans from India is conceivable; however, there are some complexities to consider.

Export Potential:

  • Every year, Indian soybean exporters ship thousands of tonnes of soybeans abroad. Soybean exports from India are increasing due to soybean's growing popularity around the world. 
  • As per Soybean export data, the Indian soybean exporter sends approximately 3.5 million tonnes of soybeans to nations such as Vietnam, Japan, Thailand, Indonesia, the United Arab Emirates, and Greece.
  • However, India is a major importer of soybeans to suit its local edible oil requirements.

Soybean exports by country: Global Market Overview

Soybean is a member of the East Asian legume family, which includes peas and beans. The oval-shaped oilseed bean grows on a bushy green soybean plant. Soybeans are similar in size to ordinary peas.

Let's explore the pie chart first for soybean exports by country!

Soybean export data

Approximately 30% of the world's total product is exchanged annually. The USA is the top producer of soybeans, followed by Brazil and Argentina. According to soybean export data, soybeans are mostly exported by the United States, Brazil, and Argentina, with China and the European Union being the primary buyers. Approximately 85% of soybeans are crushed and used to make other goods.

Out of 45 soybeans, 18% are recovered as soy oil, while the remainder is used to make soy meal. Chemical technologies are now commonly used for crushing and processing. These by-products are exchanged separately but are not generated annually. Based on soybean import data, Iran, China, and the eastern states are the primary importers, although Argentina and Brazil are key competitors.

Here's a breakdown of the leading exporting countries for soybeans:Leading soybean exporters:

Leading soybean exporters:

  • Brazil: As per soybean export data, the indisputable champion, Brazil, leads soybean exports, accounting for more than 80% of worldwide soybean shipments in certain years.
  • United States: The United States is another big player, consistently ranked among the top soybean exporters.
  • Argentina and Paraguay: These South American neighbours complete the top exporters list, making substantial contributions to the global soybean trade.

Leading soybean importers:

As per  soybean import data, here's a list of the top importers of soybeans:

  • China: China is the world's largest importer of soybeans, consuming vast amounts to fuel its large livestock industry and rising population.
  • European Union: The European Union is another big importer, with nations such as Spain, the Netherlands, and Germany leading the way. Soybeans are used as animal feed and in some human dietary applications.
  • Mexico: Mexico is a major importer of its increasing animal sector, particularly chickens and pigs.

Now, dive into soybean export data!

Soybean export data: 2023-24

Let's explore the graph first!

Soybean export data

As per soybean export data, US soybean exports have risen to 315 million bushels in 2023–2024. This month, soybean export expectations for the calendar year (MY) 2023-2024 were cut to at least 1.7 billion bushels as US exports increased.

Based on soybean exports by country, the United States is the second-largest soybean exporter. At the same time, Brazil is the largest exporter, with a value of $46.66 billion in 2023, accounting for 46.7% of global exports overseas and consistently leading in soybean manufacturing and subsequent exports.

This remarkable figure highlights the United States' supremacy in the soybean export market.

  • All exports totalled $34.48 billion.
  • The total amount (in hundreds of thousands) is 57 metric tonnes.
  • The three-year average is $29.1 billion.
  • The average combination increment is 4.8% of the population.

Let’s discuss the top soybean exporters!

Top exporters of soybeans

Based on the soybean export data, the top 10 exporters of soybeans are:

  1. Brazil
  2. United States
  3. Argentina
  4. Canada
  5. Paraguay
  6. Uruguay
  7. Bolivia
  8. Ukraine
  9. Belarus
  10. Kazakhstan

Now, let's explore the table for biggest exporters of soybeans with export values!

S.No

CountrySoybean exports by country
1 Brazil47.2
2 United States34.6
3 Argentina3.25
4 Canada2.68
5 Paraguay1.23
6 Uruguay1.92
7 Bolivia0.33
8 Ukraine0.22
9 Belarus0.19
10 Kazakhstan0.19

This table lists the top 10 soybean exporting countries in 2022, with Brazil leading the way with $47.2 billion in exports, followed by the United States with $34.6 billion, Argentina ($3.25 billion), Canada ($2.68 billion), and Paraguay ($1.23 billion). However, if you need the updated list of soybean exporters, Soybean exports by country or accurate soybean export data, connect with Eximpedia.app and discover the global soybean export market.

Soybean HS code: what traders need to know?

The HS code for Soybeans is 12081000 : Here is the classification of soybean HS codes in terms of exports and imports.

Soybean HS code for Imports:

HS CODE

DESCRIPTIONNO OF SHIPMENTS
1201

Soya Beans, Whether Or Not Broken

32
12019000

Other

32
1507Soya-Bean Oil And Its Fractions, Whether Or Not Refined, But Not Chemically Modified32


Soybean HS code for exports:

HS CODE

DESCRIPTIONNO OF SHIPMENTS
1201

Soya Beans, Whether Or Not Broken

427
12081000

Of soybeans

88
1208Flours And Meals Of Oil Seeds Or Oleaginous Fruits, Other Than Those Of Mustard427


Our soybean import and export data solutions are tailored to your specific quality, volume, seasonality, and location requirements. Along with this, Eximpedia.app assists you in obtaining thorough information on important export and import sectors such as HS codes, product description, duty, quantity, price, and so on.

Now, dive into the major strategies for growing the soybean export market.

Top Strategies for Expanding Your Soybean Export Market

Expanding into new markets is an important strategy for soybean exporters who want to grow their business and boost profitability. Here are some key measures to consider while expanding your soybean export market:

  1. Market Research: Conduct extensive market research to determine possible markets for soybean exporters. Consider the following factors: demand patterns, market size, competition, and regulatory requirements.
  2. Diversification: Look into ways to diversify your export markets and lessen the risks associated with reliance on a single market. Look for emerging markets or niche segments with growth prospects.
  3. Product Customization: Tailor your soybean goods to meet the specific needs of various markets. To meet local tastes and requirements, packaging, labelling, and product quality may need to be modified.
  4. Updated soybean export data: Traders rely largely on market information such as accurate soybean export data, soybean exporters and HS. Codes, exporters' lists, values, quantities, port names, and much more. All of these important market details are readily available on Eximpedia.app.
  5. Supply Chain Optimization: Improve your supply chain to ensure efficient and cost-effective delivery of soybean goods to new markets. This could include optimizing logistics, enhancing inventory management, and utilizing technology.
  6. Compliance and Risk Management: In new export markets, ensure that local norms and standards are followed to avoid legal or regulatory concerns. Implement risk management measures to reduce potential threats, including currency fluctuations and political instability.

 How to find soybean importers?

There are several methods for obtaining soybean importers. To acquire accurate and up-to-date soybean import data or soybean export data, including the exporter list, importers list, and HS codes. Please visit Eximpedia.app to gain access to the real-time product databases.

To summarize, developing your soybean import export data business takes rigorous strategy, market analysis, and strategic execution. By applying these techniques, you can improve your chances of success and open up new growth options for your organization.

If you are a business owner looking for updated soybean export data, soybean exports by country, and insights for soybean exporters, don't hesitate to get in touch with our dedicated team and organize a free live demo now!

Frequently Asked Questions

Q1. What are the top exporters for soybeans?

According to soybean exporters data, the world's largest exporters of this commodity group in 2022 are:

  • Brazil accounts for about 50% of global exports ($46 billion).
  • US - 36% ($34 billion)
  • Argentina – 3.3% ($3.08 billion)
  • Canada -- 2.9% ($2.7 billion)
  • Uruguay – 2.06% ($1.92 billion) 

Q2. Which country does India export soybeans to?

According to soybean export data, India's biggest soybean export destinations are Canada ($32 million), the United States ($10.5 million), Turkey ($6.94 million), Sri Lanka ($2.8 million), and Nepal ($2.48 million). 

Q3. Who is the largest exporter of soybean?

As per soybean exporters data, Brazil leads the way, with $47.2 billion in exports.

Q4. What country buys the most soybeans?

In the 2022/2023 duration, around 171.95 million metric tonnes of soybeans were imported globally. China was by far the largest soybean importer that year, with an annual amount of around 100 million metric tonnes.

Q5. Which company export soybeans from India?

Prestige Group is one of India's biggest soybean exporters, having a four-decade legacy.

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