Guatemala: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Guatemala

The Guatemalan refined soybean oil market was finally on the rise to reach $X in 2022, after four years of decline. In general, consumption, however, saw a deep reduction. Refined soybean oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Guatemala

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Guatemala

In 2022, after six years of growth, there was significant decline in shipments abroad of refined soybean oil and its fractions, when their volume decreased by X% to X tons. Overall, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, refined soybean oil exports stood at $X in 2022. In general, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the near future.

Exports by Country

Mexico (X tons) was the main destination for refined soybean oil exports from Guatemala, accounting for a X% share of total exports. Moreover, refined soybean oil exports to Mexico exceeded the volume sent to the second major destination, Nicaragua (X tons), twofold. Panama (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (X% per year) and Panama (X% per year).

In value terms, Mexico ($X), Nicaragua ($X) and Panama ($X) were the largest markets for refined soybean oil exported from Guatemala worldwide, with a combined X% share of total exports. The Dominican Republic, Costa Rica and El Salvador lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Costa Rica, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, export 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, refined soybean oil export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the Dominican Republic ($X per ton) and Panama ($X per ton), while the average price for exports to El Salvador ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Guatemala

In 2022, supplies from abroad of refined soybean oil and its fractions decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined soybean oil imports contracted to $X in 2022. Over the period under review, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The United States (X tons), Mexico (X tons) and Brazil (X tons) were the main suppliers of refined soybean oil imports to Guatemala, with a combined X% share of total imports. El Salvador and Argentina lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by El Salvador (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil suppliers to Guatemala were the United States ($X), Mexico ($X) and Brazil ($X), together accounting for X% of total imports. El Salvador and Argentina lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, El Salvador, with a CAGR of X%, saw the highest growth rate of 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

The average refined soybean oil import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, import price indicated a noticeable expansion 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, refined soybean oil import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Argentina ($X per ton), while the price for El Salvador ($X per ton) and Mexico ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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