The dynamics of global soybean trade remain heavily influenced by China, which accounts for about 60% of worldwide soybean imports. China’s soybean imports are driven by demand for animal protein and edible oils, two essential components of a diversifying Chinese diet that reflects rising living standards. China predominantly sources its soybean supplies from Brazil and the United States. For many years, the United States was the top supplier, but in the last 15 years China has depended more on imports from South America, especially from Brazil. From 2019-2023, 73% of Brazil’s exported soybeans have headed to China, versus a 51% average for the United States (see Figure 2).
Source: https://farmdocdaily.illinois.edu/2024/02/the-united-states-....