CChina’s leading role in terms of global soybean import trade has increased so far in 2026, with a strong recovery during the first four months. In its latest weekly report, shipbroker Panchero Costa said: “Soybeans are one of the most important dry bulk commodities, accounting for nearly 5 percent of all seaborne dry bulk trade. Total seaborne soybean exports in calendar (January to December) 2025 rose +4.6% year-on-year to 159.9 million tons, according to ship tracking data from AXS Marine. So far this year, volumes have continued to grow strongly. In the period from January-April 2026 Global shipments increased +11.0% year-on-year to 61.7 million tons, from 55.6 million tons in January-April 2025. This was higher than the 55.0 million tons loaded in January-April 2023 and 54.9 million tons in January-April 2024. The largest soybean exporter by far is Brazil, which accounts for 73.2% of bean exports. Global soybeans by volume from January to April 2026.”
Source: Banchero Costa
According to Panchero Costa, “In January-April 2026, total shipments from Brazil rose +5.9% year-on-year to 45.1 million tons, up from 42.6 million tons in January-April 2025. In second place is the United States, which accounted for 23.6% of global soybean exports this year. In January-April 2026, soybean exports from the United States increased by +33.9% y/y to 14.6 million tons, recovering from the 14.8% y/y decline recorded in January-April 2025. In third place is Canada with a 1.3% share; Argentina, which typically peaks from May onwards, is fourth with just 0.7% so far in 2026. In January-April 2026, Argentina exported 0.5 million tons of soybeans. “Up +25.0% y-o-y from 0.4 million tons in January-April 2025.”
“In terms of imports, the top destination for soybeans so far in 2026 remains mainland China, accounting for 59.9% of global seaborne imports. Imports to China increased +2.1% y/y in January-December 2025 to 107.6 million tons. In January-April 2026, Chinese imports rebounded +9.8% y/y to 27.0 1 million tons. The EU fell by -6.3% y/y in January-December 2025 to 13.5 million tons and in January-April 2026, European imports fell further by -6.8% y/y to 4.1 million tons. The EU now accounts for 9.0% of global seaborne soybean imports. Let us now focus a little more on China.
“The most important ports of soybean discharge in China in January-December 2025 are: Rizhao (9.6 million tons in January-December 2025), Machong (7.4 million tons), Tianjin (7.2 million tons), Zhangjiagang (7.0 million tons), Gaogang (5.4 million tons), Fangcheng (4.2 million tons), Nantong (4.2 million tons), Dongjiakou. (4.0 million tons), Ningbo (3.6 million tons). 93.9% of soybean imports to China in 2025 were loaded on Panamax trucks (including Kamsarmax), 6.0% on Supramax trucks, and 0.1% on Post Panamax trucks. From January to April 2026, US soybean shipments to China decreased by -20.8% year-on-year to 7.8%. million tons, after a -8.3% year-on-year decline in January-April 2025. This was a significant decline from the 16.6 million tons shipped from the United States to China in January-April 2023. The United States now accounts for 28.7% of China’s imports so far this year.
Source: Banchero Costa
Brazil accounted for 59.3% of China’s soybean imports from January to April 2026, and quantities from Brazil to China increased by +11.0% year-on-year in that period to 16.1 million tons. It is important to consider the seasonality of soybean crops. Brazilian exports are mostly shipped in the spring, from February to July, and will appear in Chinese import statistics from March to August. On the other hand, US exports typically peak in the last quarter of the year, and trade is supposed to be most active in the winter months. In 2026, it remains clear that China continues to reduce its US soybean purchases (hence the -20.8% y/y decline in January-April 2026) while favoring the Brazilian crop instead, with Brazilian volumes to China up +11.0% y/y. Therefore, we expect Chinese import statistics to reflect continued strong Brazilian flows from May onwards.”
Nikos Rousanoglou, Global Hellenic Shipping News
