Soybean Import Demand Analysis in East Asia:Korea, China, and Japan

The top 10 soybean destination markets accounted for 90% of global soybean trade in 2010. Four of the top 10 destination markets are located in East Asia, including China, Japan, and South Korea. These countries imported about 70% of global soybean exports. Soybeans are a major share of U.S. agricultural product exports. This study provides an overview of the international soybean market. Then it estimates future soybean import demand for China, Japan, and South Korea. Results indicate that China’s soybean import demand will increase faster than demand in Japan and South Korea. Korean and Japanese buyers currently are willing to pay a premium for food-grade soybeans, the China market for these high-quality soybeans may grow faster than the demand for them in Japan and South Korea as well. It is expected that as Chinese income increases, consumers there may experience more concern about their health, increasing their willingness to pay premiums for high quality food-grade soybeans.