Eastern Asia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Eastern Asia

The East Asian refined soybean oil market declined to $X in 2022, falling by X% against the previous year. Over the period under review, consumption recorded a noticeable shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Eastern Asia

In value terms, refined soybean oil production fell modestly to $X in 2022 estimated in export price. Overall, production showed a noticeable decrease. The pace of growth appeared the most rapid in 2015 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in Eastern Asia

After three years of decline, overseas shipments of refined soybean oil and its fractions increased by X% to X tons in 2022. In general, exports recorded notable growth. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China was the major exporter of refined soybean oil and its fractions in Eastern Asia, with the volume of exports recording X tons, which was near X% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), making up an X% share of total exports. Hong Kong SAR (X tons) and South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the refined soybean oil and its fractions exports, with a CAGR of X% from 2012 to 2022. At the same time, Taiwan (Chinese) (X%) displayed positive paces of growth. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, South Korea (X%) illustrated a downward trend over the same period. China (X p.p.) and Taiwan (Chinese) (X p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR and South Korea saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest refined soybean oil supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China stood at X%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in South Korea ($X per ton) and Hong Kong SAR ($X per ton), while China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in Eastern Asia

In 2022, purchases abroad of refined soybean oil and its fractions increased by X% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by X%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports soared to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

The countries with the highest levels of refined soybean oil imports in 2022 were Democratic People's Republic of Korea (X tons), Hong Kong SAR (X tons) and South Korea (X tons), together recording X% of total import. It was distantly followed by China (X tons), constituting a X% share of total imports. The following importers - Macao SAR (X tons) and Japan (X tons) - each recorded a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in Eastern Asia were Hong Kong SAR ($X), South Korea ($X) and Democratic People's Republic of Korea ($X), with a combined X% share of total imports.

Among the main importing countries, South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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