Brazil has become the EU’s main importer of soybeans

Soybeans have become the main oilseed crop imported into the European Union after rapeseed. In the first four months of the current marketing year, the EU imported more soybeans than at any time since 2021/22.

According to the EU Commission, from July to the beginning of November 2024, the Union purchased about 4 million tons of soybeans, which is about 70 thousand tons more than in the same period of the 2023/24 season. Brazil and the United States remain the main suppliers, although the former has significantly increased its supply. In the first four months, the Union received about 2.3 million tons of soybeans from Brazil, significantly more than in the same period last year (1.7 million tons). This indicates an increase in the import share to 57.9%. Brazil is thus the most important supplying country for the Union due to its attractive price level and the large volumes of raw materials available.

During the same period, the EU exported 1.2 million tons from the US, about 516 thousand tons less, bringing the EU’s import share down to 31%. Smaller imports were also made from Canada, while Ukraine was able to increase soybean exports to the EU market.

The upcoming introduction of the EU Deforestation Regulation (EUDR) encouraged importers to fill their warehouses and make large raw material orders in the first months of the marketing year.

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Tags: Brazil, EU, soybean