Eastern Asia: Soybean Oil Market 2024

Soybean Oil Market Size in Eastern Asia

In 2022, the East Asian soybean oil market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Soybean Oil Production in Eastern Asia

In value terms, soybean oil production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Soybean Oil Exports

Exports in Eastern Asia

In 2022, after three years of decline, there was significant growth in overseas shipments of soybean oil, when their volume increased by X% to X tons. Over the period under review, exports recorded a notable expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports soared to $X in 2022. Total exports indicated a moderate 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, exports increased by X% against 2020 indices. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

China was the largest exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), constituting a X% share of total exports. Hong Kong SAR (X tons) and South Korea (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to soybean oil exports from China stood at X%. At the same time, Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, South Korea (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) and Taiwan (Chinese) (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In 2022, the export price in Eastern Asia amounted to $X per ton, with an increase of X% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Taiwan (Chinese) ($X per ton) and China ($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.

Soybean Oil Imports

Imports in Eastern Asia

After three years of growth, overseas purchases of soybean oil decreased by X% to X tons in 2022. In general, imports saw a abrupt descent. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports reduced rapidly to $X in 2022. Overall, imports showed a drastic downturn. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

South Korea (X tons) and China (X tons) dominates imports structure, together achieving X% of total imports. Democratic People's Republic of Korea (X tons) ranks next in terms of the total imports with a X% share, followed by Hong Kong SAR (X%).

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

In value terms, South Korea ($X), China ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports.

South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by X% against the previous year. Import price indicated a mild increase from 2012 to 2022: its price 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, soybean oil import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 South Korea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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