Republic of Korea: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Republic of Korea

The South Korean crude soybean oil market expanded slightly to $X in 2022, surging by X% against the previous year. Over the period under review, the total consumption indicated a temperate 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, consumption increased by X% against 2017 indices. Crude soybean oil consumption peaked in 2022 and is expected to retain growth in the near future.

Crude Soybean Oil Production in Republic of Korea

In value terms, crude soybean oil production dropped to $X in 2022 estimated in export price. Overall, production recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from Republic of Korea

In 2022, approx. X tons of crude soybean oil were exported from South Korea; surging by X% against the previous year's figure. Overall, exports, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. In general, exports, however, recorded a dramatic setback. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Kuwait (X tons) was the main destination for crude soybean oil exports from South Korea, accounting for a X% share of total exports. Moreover, crude soybean oil exports to Kuwait exceeded the volume sent to the second major destination, Guam (X kg), ninefold. Marshall Islands (X kg) ranked third in terms of total exports with a X% share.

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

In value terms, Kuwait ($X) emerged as the key foreign market for crude soybean oil exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Marshall Islands, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Kuwait was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Marshall Islands (X% per year).

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price, however, saw prominent growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Guam ($X per ton) was amongst the lowest.

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

Crude Soybean Oil Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in purchases abroad of crude soybean oil, when their volume decreased by X% to X tons. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2021, and then plummeted in the following year.

In value terms, crude soybean oil imports stood at $X in 2022. In general, imports, however, saw a perceptible increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Argentina (X tons), the United States (X tons) and Vietnam (X tons) were the main suppliers of crude soybean oil imports to South Korea, with a combined X% share of total imports. These countries were followed by Brazil, which accounted for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest crude soybean oil suppliers to South Korea were Argentina ($X), the United States ($X) and Vietnam ($X), with a combined X% share of total imports. These countries were followed by Brazil, which accounted for a further X%.

In terms of the main suppliers, Brazil, with a CAGR of X%, saw 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

The average crude soybean oil import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the import price enjoyed noticeable growth. The growth pace was the most rapid in 2021 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per ton) and Brazil ($X per ton), while the price for Argentina ($X per ton) and the United States ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :