USDA – Oilseeds. World Markets and Trades, Feb 2025

The report by USDA "Oilseeds. World Markets and Trades" explores the global dynamics of soybean imports with a focus on China as the primary destination. For over two decades, China has been the leading importer of soybeans, accounting for more than 60% of global imports. These imports support China's massive crushing industry, producing soybean meal for its large swine and poultry sectors. Despite efforts to diversify its suppliers, China’s soybean imports remain concentrated among three major suppliers. The introduction of alternative protein meals has increased, yet soybeans remain the dominant source. A notable shift has occurred with China increasing its imports of sunflowerseed and rapeseed meals, primarily from Ukraine and Canada, respectively. Over the last five years, China has reduced its reliance on U.S.-sourced soybeans, while imports from Brazil have increased significantly due to competitive pricing and increased Brazilian production. This trend is reflected in Brazil's share of Chinese soybean imports rising to 71% in 2023/24. Despite a moderate shift towards other protein meals, China's dependency on Brazilian soybeans continues to grow, while U.S. soybean imports decline, influenced by price differences and exchange rates.