China’s soybean imports from the United States dropped five percent in 2024 from the previous year. Reuters says, “U.S. soybean imports were replaced in the Chinese market by shipments from Brazil and Argentina as fears of a renewed trade war between China and the U.S. dropped America’s market share.” Brazil remained China’s top soybean supplier last year as Beijing expanded its efforts to reduce its reliance on the United States and deepened cooperation with other suppliers to ensure China’s food security. “Brazil’s market share rose to 71 percent while the U.S. market share dropped to 21 percent,” Reuters reported. “Argentina’s soybean exports to China more than doubled to 4.1 million tons in 2024 from 1.95 million tons in 2023.” The report said that U.S. shipments to China have risen since April 2024 and accelerated during the past few months as traders prepared for a potential halt to soybean trade between the two countries.
U.S. share of China’s soybean market dropped in 2024
