Thailand: Crude Soybean Oil Market 2023

Crude Soybean Oil Market Size in Thailand

After two years of growth, the Thai crude soybean oil market decreased by -4.7% to $X in 2021. Overall, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Crude Soybean Oil Production in Thailand

In value terms, crude soybean oil production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 42%. Crude soybean oil production peaked at $X in 2020, and then reduced in the following year.

Crude Soybean Oil Exports

Exports from Thailand

In 2021, approx. X tons of crude soybean oil were exported from Thailand; growing by 3.9% on 2020 figures. Overall, exports, however, saw a perceptible descent. The growth pace was the most rapid in 2017 with an increase of 182% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2021. In general, exports, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 200% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for crude soybean oil exports from Thailand, with a 87% share of total exports. Moreover, crude soybean oil exports to Vietnam exceeded the volume sent to the second major destination, Malaysia (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Vietnam stood at +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-4.4% per year) and Hong Kong SAR (-81.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for crude soybean oil exports from Thailand, comprising 87% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-3.5% per year) and Hong Kong SAR (-82.2% per year).

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2021, picking up by 70% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude soybean oil export price increased by +75.4% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+1.0%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Soybean Oil Imports

Imports into Thailand

After three years of growth, overseas purchases of crude soybean oil decreased by -99.8% to X tons in 2021. Overall, imports continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2014 with an increase of 1,439%. Imports peaked at X tons in 2020, and then dropped remarkably in the following year.

In value terms, crude soybean oil imports shrank markedly to $X in 2021. Over the period under review, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 2,223% against the previous year. Imports peaked at $X in 2020, and then reduced remarkably in the following year.

Imports by Country

In 2021, the Netherlands (X tons) was the main supplier of crude soybean oil to Thailand, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands amounted to +157.8%.

In value terms, the Netherlands ($X) constituted the largest supplier of crude soybean oil to Thailand.

From 2012 to 2021, the average annual growth rate of value from the Netherlands totaled +156.6%.

Import Prices by Country

In 2021, the average crude soybean oil import price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 51%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the Netherlands.

From 2012 to 2021, the rate of growth in terms of prices for Malaysia amounted to -0.4% per year.

Source: IndexBox Market Intelligence Platform

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