Peru: Crude Soybean Oil Market 2023

Crude Soybean Oil Market Size in Peru

The Peruvian crude soybean oil market soared to $X in 2021, picking up by 53% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Crude Soybean Oil Production in Peru

In value terms, crude soybean oil production shrank to $X in 2021 estimated in export price. Overall, production, however, enjoyed strong growth. The pace of growth was the most pronounced in 2013 with an increase of 100%. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Crude Soybean Oil Exports

Exports from Peru

Crude soybean oil exports from Peru soared to X tons in 2021, increasing by 78% compared with the previous year. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 1,002%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, crude soybean oil exports surged to $X in 2021. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 718% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Ecuador (X tons) was the main destination for crude soybean oil exports from Peru, with a 99% share of total exports. It was followed by Guatemala (X tons), with a 0.5% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Ecuador totaled +17.5%.

In value terms, Ecuador ($X) remains the key foreign market for crude soybean oil exports from Peru, comprising 99% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 0.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador totaled +18.8%.

Export Prices by Country

In 2021, the average crude soybean oil export price amounted to $X per ton, with an increase of 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Guatemala stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+9.4%).

Crude Soybean Oil Imports

Imports into Peru

In 2021, the amount of crude soybean oil imported into Peru rose sharply to X tons, increasing by 13% against 2020 figures. Over the period under review, total imports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 14%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, crude soybean oil imports soared to $X in 2021. Overall, imports posted a noticeable expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Argentina (X tons) constituted the largest crude soybean oil supplier to Peru, accounting for a 85% share of total imports. Moreover, crude soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold.

From 2012 to 2021, the average annual growth rate of volume from Argentina amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.7% per year) and Bolivia (+8.0% per year).

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Peru, comprising 89% of total imports. The second position in the ranking was held by the United States ($X), with a 7.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Argentina totaled +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.7% per year) and Bolivia (+3.9% per year).

Import Prices by Country

In 2021, the average crude soybean oil import price amounted to $X per ton, with an increase of 57% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Argentina ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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