China: Soya Bean Market 2023

Soya Bean Market Size in China

In 2021, the Chinese soya bean market increased by 20% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Soya Bean Production in China

In value terms, soya bean production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 143% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then dropped in the following year.

In 2021, the average soya bean yield in China reduced to X tons per ha, almost unchanged from the previous year. Overall, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the yield increased by 2.8%. The soya bean yield peaked at X tons per ha in 2020, and then reduced slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area in China reduced to X ha in 2021, waning by -2.9% compared with the previous year's figure. Over the period under review, the total harvested area indicated pronounced growth from 2012 to 2021: its figure increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soya bean harvested area increased by +47.3% against 2015 indices. The growth pace was the most rapid in 2017 with an increase of 16% against the previous year. The soya bean harvested area peaked at X ha in 2020, and then dropped in the following year.

Soya Bean Exports

Exports from China

For the third consecutive year, China recorded decline in overseas shipments of soya beans, which decreased by -7.4% to X tons in 2021. Overall, exports showed a deep setback. The pace of growth was the most pronounced in 2016 when exports increased by 20% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, soya bean exports skyrocketed to $X in 2021. Over the period under review, exports saw a abrupt setback. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons), Japan (X tons) and Hong Kong SAR (X tons) were the main destinations of soya bean exports from China, together comprising 88% of total exports. Vietnam, Taiwan (Chinese), the United States and Canada lagged somewhat behind, together comprising a further 5.9%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +30.1%), while the other leaders experienced mixed trend patterns.

In value terms, South Korea ($X) remains the key foreign market for soya bean exports from China, comprising 57% of total exports. The second position in the ranking was taken by Japan ($X), with a 27% share of total exports. It was followed by Hong Kong SAR, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea totaled -9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-6.5% per year) and Hong Kong SAR (+6.5% per year).

Export Prices by Country

The average soya bean export price stood at $X per ton in 2021, rising by 29% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Canada ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into China

In 2021, overseas purchases of soya beans decreased by -3.8% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +1.0% against 2017 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 29%. Imports peaked at X tons in 2020, and then contracted slightly in the following year.

In value terms, soya bean imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil (X tons), the United States (X tons) and Argentina (X tons) were the main suppliers of soya bean imports to China, with a combined 98% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +10.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest soya bean suppliers to China were Brazil ($X), the United States ($X) and Argentina ($X), with a combined 98% share of total imports.

In terms of the main suppliers, Brazil, with a CAGR of +9.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average soya bean import price stood at $X per ton in 2021, surging by 41% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Uruguay ($X per ton) and Argentina ($X per ton), while the price for the United States ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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