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Soybean meal: top exporters and importers (2024)

In 2024, world trade in soybean meal totaled $33.1 billion (73.9 million tonnes). The top exporters were Brazil (29%), Argentina (27%) and the United States (18%); the top importers were Indonesia (7%), Vietnam (7%) and the Philippines (4%). Compared with 2019, the value rose 25%.

Summary

World trade
$33.1billion
Tonnes
73.9million tonnes
Price per tonne
$447
The largest flows between countries. Width: value; color: estimated transport mode.SeaAirLand

Top exporters

  1. Brazil$9.5 billion · 28.7%
    see destinations
  2. Argentina$8.8 billion · 26.7%
    see destinations
  3. United States$6.1 billion · 18.4%
    see destinations
  4. Netherlands$997 million · 3%
    re-exports
  5. India$966 million · 2.9%
  6. China$786 million · 2.4%
  7. Paraguay$738 million · 2.2%
  8. Germany$682 million · 2.1%
  9. Bolivia$669 million · 2%
  10. Turkey$522 million · 1.6%
  11. Ukraine$339 million · 1%
  12. Russia$312 million · 0.94%
  13. Slovenia$259 million · 0.78%
  14. Nigeria$214 million · 0.65%
  15. Italy$199 million · 0.6%
  16. Belgium$178 million · 0.54%
    re-exports
  17. Canada$138 million · 0.42%
  18. Norway$105 million · 0.32%
  19. Benin$97 million · 0.29%
  20. Poland$90 million · 0.27%

Top importers

  1. Indonesia$2.2 billion · 6.7%
    see sources
  2. Vietnam$2.2 billion · 6.7%
    see sources
  3. Philippines$1.5 billion · 4.4%
    see sources
  4. France$1.4 billion · 4.1%
  5. Poland$1.4 billion · 4.1%
  6. Thailand$1.3 billion · 3.9%
  7. Germany$1.2 billion · 3.7%
  8. Netherlands$1.2 billion · 3.6%
    re-exports
  9. Iran$1.2 billion · 3.5%
  10. Spain$1.1 billion · 3.2%
  11. South Korea$832 million · 2.5%
  12. Colombia$827 million · 2.5%
  13. Japan$799 million · 2.4%
  14. Italy$778 million · 2.4%
  15. Ecuador$740 million · 2.2%
  16. Saudi Arabia$732 million · 2.2%
  17. Mexico$670 million · 2%
  18. United Kingdom$623 million · 1.9%
  19. Turkey$622 million · 1.9%
  20. Peru$612 million · 1.9%

Trend

Who sells it

Brazil has been the top exporter since 2023

Value in USD billions. The five largest exporters in 2024.

  • Brazil 9.5
  • Argentina 8.8
  • United States 6.1
  • Netherlands 1
  • India 0.97

Source: CEPII BACI

Show the numbers
Country19952024
Brazil2.59.5
Argentina1.28.8
United States16.1
Netherlands0.561
India0.430.97

Price

Implied price

The price per tonne rose 116% since 1995

Current US dollars per tonne: value over the weight reported by BACI.

  • 2024: $447

Source: CEPII BACI

Show the numbers
YearUSD per tonne
1995$207
1996$273
1997$283
1998$201
1999$165
2000$195
2001$203
2002$193
2003$216
2004$262
2005$229
2006$222
2007$273
2008$389
2009$397
2010$373
2011$403
2012$470
2013$523
2014$517
2015$409
2016$374
2017$364
2018$405
2019$361
2020$375
2021$475
2022$527
2023$528
2024$447

What it includes

Meal and other solid residues from soybean oil extraction.

  • 2304 · Soybean meal and pellets

Products in the same chapter

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), which reconciles what exporters and importers report: countries that stopped reporting (Russia since 2022) appear with their partners’ data. FOB values in current US dollars; tonnes when BACI reports them. The price per tonne is the value of the rows with a weight divided by that weight. The transport mode is our own estimate based on value per kilo and geography. Data up to 2024.

Hong Kong, Singapore, the Netherlands and Belgium re-export goods from other countries: their figures include transit.

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