Brazil Experiences Double Soybean Exports to the United States

In 2023, Brazil reached a record-high soybean export of 3.74 billion bushels, a 29% increase from the previous year. This surge coincided with Brazil’s record-high level of production. The United States experienced a 14% decline in soybean shipments, reaching 1.78 billion bushels. Both Brazil and the United States are major players in the global soybean market, contributing to over 80% of worldwide soybean exports. Brazil’s soybean exports have surged by 431 percent over the past two decades, highlighting its growing dominance in the market. The United States has experienced a more gradual increase in soybean exports, but has stabilized since 2016, exporting around 49% of its soybean production. Brazil’s surge in soybean exports is attributed to favorable weather conditions, investments in agricultural infrastructure, and expansion of cultivation areas.