Brazilian exports of soybeans totalled 72.467 million tons in the first seven months of 2023, an increase of 19.7 percent over the same period last year, according to reports.
The increase was driven by China, the main buyer of Brazilian soybeans, hitting an all-time high for imports. China imported 50.42 million tons of soybeans from January to July 2023, a 25 percent increase from the 40.391 million tons imported during the same period last year.
Spain, the second largest buyer, imported 13 percent less year-on-year, with 2.387 million tons while Thailand, at number three, maintained the same value with the import of 1.867 million tons of soybeans.
[See more: Boost expected for Brazilian soybean exports as Chinese imports recover]
Brazil is the top soybean exporter in the world, accounting for 49.7 percent of global soybean export revenue in 2022. The sum is more than the combined revenues of the next five: the US (36.8%), Argentina (3.3%), Canada (2.8%) and Uruguay (2%).
Brazil shows no signs of slowing down in 2023. The country has repeatedly broken its own records for sales year-on-year by double digits and this month is expected to do the same. Brazilian exports of soybeans should reach 7.898 tons in August, according to a weekly survey by the National Association of Cereal Exporters (ANEC), an increase of 56.3 percent.
China, which has consistently purchased the lion’s share of Brazil’s soybean exports, will likely continue to drive that growth.
