South Africa: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in South Africa

The South African refined soybean oil market reduced sharply to $X in 2022, waning by X% against the previous year. In general, consumption faced a deep contraction. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in South Africa

In value terms, refined soybean oil production contracted rapidly to $X in 2022 estimated in export price. Overall, production faced a dramatic decline. Refined soybean oil production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

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Refined Soybean Oil Exports

Exports from South Africa

In 2022, approx. X tons of refined soybean oil and its fractions were exported from South Africa; waning by X% against the year before. Overall, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports reduced to $X in 2022. In general, exports faced a abrupt shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Botswana (X tons) was the main destination for refined soybean oil exports from South Africa, with a X% share of total exports. Moreover, refined soybean oil exports to Botswana exceeded the volume sent to the second major destination, Lesotho (X tons), threefold. The third position in this ranking was taken by Democratic Republic of the Congo (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Botswana stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (X% per year) and Democratic Republic of the Congo (X% per year).

In value terms, Botswana ($X) remains the key foreign market for refined soybean oil and its fractions exports from South Africa, comprising X% of total exports. The second position in the ranking was held by Lesotho ($X), with a X% share of total exports. It was followed by Democratic Republic of the Congo, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Botswana totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (X% per year) and Democratic Republic of the Congo (X% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, export price indicated a pronounced 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 2016 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Zimbabwe ($X per ton), while the average price for exports to Zambia ($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 Botswana (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into South Africa

In 2022, imports of refined soybean oil and its fractions into South Africa dropped notably to X tons, waning by X% on 2021 figures. Overall, imports saw a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports shrank dramatically to $X in 2022. Over the period under review, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of refined soybean oil to South Africa, accounting for a X% share of total imports. Moreover, refined soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Germany (X% per year).

In value terms, Argentina ($X) constituted the largest supplier of refined soybean oil and its fractions to South Africa, comprising X% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

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

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the import price posted slight growth. The pace of growth was the most pronounced 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 gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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