China’s leading role in terms of the global soybean import trade has increased so far in 2026, with a strong rebound during the first four months. In its latest weekly report, shipbroker Banchero Costa said that “soybeans are one of the most important dry bulk commodities, and account for almost 5 percent of all seaborne dry bulk trade. Total seaborne exports of soybeans in calendar (Jan-Dec) 2025 increased by +4.6% year-on-year to 159.9 mln tonnes, according to vessel tracking data from AXS Marine. So far this year, volumes have continued to grow strongly. In Jan-Apr 2026, global loadings increased by +11.0% y-o-y to 61.7 mln t, from 55.6 mln t in Jan-Apr 2025. This was above the 55.0 mln tonnes loaded in Jan-Apr 2023 and 54.9 mln t in Jan-Apr 2024. The largest exporter of soybeans by far is Brazil, which accounted for 73.2% of global soybean exports by volume in Jan-Apr 2026”.

Source: Banchero Costa

According to Banchero Costa, “in Jan-Apr 2026, total shipments from Brazil increased by +5.9% y-o-y to 45.1 mln tonnes, up from 42.6 mln tonnes in Jan-Apr 2025. In second place are the United States, which accounted for 23.6% of global soybean exports this year. In Jan-Apr 2026, soybean exports from the USA increased by +33.9% yo-y to 14.6 mln tonnes, recovering from a -14.8% y-o-y decline recorded in Jan-Apr 2025. In third place is Canada with a 1.3% share; Argentina, which typically peaks from May onwards, is in fourth place with just 0.7% so far in 2026. In Jan-Apr 2026, Argentina exported 0.5 mln tonnes of soybeans, up +25.0% y-o-y from the 0.4 mln t in Jan-Apr 2025”.

“In terms of imports, the top destination for soybeans so far in 2026 is still Mainland China, accounting for 59.9% of global seaborne imports. Imports to China increased by +2.1% y-o-y in Jan-Dec 2025 to 107.6 mln tonnes. In Jan-Apr 2026, Chinese imports recovered by +9.8% y-o-y to 27.0 mln tonnes. Imports to the European Union declined by -6.3% y-o-y in Jan-Dec 2025 to 13.5 mln t. In Jan-Apr 2026, European imports declined further by -6.8% y-o-y to 4.1 mln tonnes. The EU now accounts for 9.0% of global seaborne soybean imports. Let’s now focus a bit more on China”, the shipbroker said.

“Top soybean discharge ports in China in Jan-Dec 2025 were: Rizhao (9.6 mln t in Jan-Dec 2025), Machong (7.4 mln t), Tianjin (7.2 mln t), Zhangjiagang (7.0 mln t), Gaogang (5.4 mln t), Fangcheng (4.2 mln t), Nantong (4.2 mln t), Dongjiakou (4.0 mln t), Ningbo (3.6 mln t). 93.9% of soybean imports into China in 2025 were loaded on Panamaxes (including Kamsarmax), 6.0% on Supramaxes, 0.1% on PostPanamaxes. In Jan-Apr 2026, soybean shipments from the USA to China declined by – 20.8% y-o-y to 7.8 mln tonnes, following a -8.3% y-o-y decline in Jan-Apr 2025. This was a big drop from the 16.6 mln t shipped from the USA to China in Jan-Apr 2023. The USA 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 in Jan-Apr 2026, and volumes from Brazil to China increased by +11.0% y-o-y in that period to 16.1 mln tonnes. It is important to consider the seasonality of soybean crops. Brazilian exports are shipped mostly in the Spring, from February to July, and will appear in China’s import statistics from March to August. USA exports, on the other hand, normally peak in the fourth quarter of the year, and should be the most active trade in the winter months. In 2026, it remains evident that China continues to reduce purchases of US soybeans (hence the -20.8% yo-y decline seen in Jan-Apr 2026) while favouring the Brazilian crop instead, with Brazilian volumes to China up +11.0% y-o-y. Therefore, we expect China’s import statistics to reflect continued strong Brazilian inflows from May onwards”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide