The global grain and oilseed trade grew by more than 50 percent between 2010 and 1015, with Brazil overtaking the US as the world’s largest soybean exporter, according to a Rabobank report.
Exports from markets struggling with currency values have increased, making gains on a strong dollar that is limiting US exports.
“This includes Brazil – which has overtaken the US as the largest soybean exporter in the world, and whose corn exports have tripled in the last five years,” said Rabobank global strategist Stefan Vogel.
Brazilian grain and oilseed exports have increased by 41 million tonnes, or 73 percent, since 2010, driven by Asian demand. Overall, Brazilian exports, mostly soybean and corn, remain 30 percent lower than those from the US. In China imports have increased by almost 90 percent in the last five years, with most coming from the Americas.
“The EU has also, due to very good crops in recent years, grown its grain exports by about 50 percent in the last five years,” said Vogel.
Ukraine, Russia and the eastern EU member states each increased grain and oilseed exports by about 50 percent.
The global grain and oilseed import market is now dominated by Asia, which accounts for 43 percent of all imports. Asian imports from the Middle East, South-East Asia and sub-Saharan Africa have grown. The latter is showing the strongest growth as an importer.
Rabobank says global trade will continue to grow as Asia, the Middle East and Africa increase their reliance on imported commodities. It warns, however, China could become a net corn exporter as the government deals with record high domestic corn stocks.