Hong Kong SAR, China: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Hong Kong SAR, China

The Hong Kong refined soybean oil market was estimated at $X in 2022, growing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a moderate increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Refined Soybean Oil Exports

Exports from Hong Kong SAR, China

Refined soybean oil exports from Hong Kong SAR dropped sharply to X tons in 2022, declining by X% against the year before. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports reached $X in 2022. In general, total exports indicated a perceptible 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. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Macao SAR (X tons) was the main destination for refined soybean oil exports from Hong Kong SAR, accounting for a X% share of total exports. It was followed by Guam (X tons), with a X% share of total exports. The third position in this ranking was taken by China (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guam (X% per year) and China (X% per year).

In value terms, Macao SAR ($X) remains the key foreign market for refined soybean oil and its fractions exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was held by Guam ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guam (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, export price indicated a measured 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 export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Guam ($X per ton) and China ($X per ton), while the average price for exports to Macao SAR ($X per ton) and Northern Mariana Islands ($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 Guam (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Refined Soybean Oil Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of refined soybean oil and its fractions were imported into Hong Kong SAR; waning by X% against 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports expanded markedly to $X in 2022. Over the period under review, imports, however, enjoyed pronounced growth. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest refined soybean oil supplier to Hong Kong SAR, accounting for a X% share of total imports. Moreover, refined soybean oil imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), threefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X) constituted the largest supplier of refined soybean oil and its fractions to Hong Kong SAR, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price showed a measured expansion. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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