Brazil’s 2023 soybean exports reached a record 3.74 billion bushels, 29 percent higher than the previous year as Brazilian production hit record levels. Meanwhile, U.S. shipments dropped 14 percent to 1.78 billion bushels in the same period. The two countries are major competitors and together ship over 80 percent of global soybean exports.
Historically, the U.S. was the world’s largest soybean exporter. Brazil surpassed the U.S. in soybean shipments for the first time in 2013. The University of Illinois FarmDoc website says over the last 20 years, Brazil’s soybean exports jumped 431 percent, with the jump occurring mainly in the most recent decade. Brazil exports up to 60 percent of its domestic soybean production.
During the past two decades, America’s soybean exports have increased 94 percent. U.S. soybean exports have plateaued since 2016, with an average annual volume of 1.993 billion bushels. The U.S. exports 49 percent of its soybeans.
