Turkey: Crude Soybean Oil Market 2023

Crude Soybean Oil Market Size in Turkey

The Turkish crude soybean oil market plummeted to $X in 2021, shrinking by -55% against the previous year. Over the period under review, consumption showed a abrupt decline. Crude soybean oil consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Crude Soybean Oil Production in Turkey

In value terms, crude soybean oil production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by 45%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Turkey

In 2021, exports of crude soybean oil from Turkey soared to X tons, picking up by 44% on the previous year's figure. In general, exports showed significant growth. The growth pace was the most rapid in 2016 when exports increased by 378%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, crude soybean oil exports soared to $X in 2021. Overall, exports recorded significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 340% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Algeria (X tons), India (X tons) and Iran (X tons) were the main destinations of crude soybean oil exports from Turkey, with a combined 68% share of total exports. Iraq, China, Tunisia, Egypt, Lebanon and Bangladesh lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were in Iraq (with a CAGR of +104.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), India ($X) and Iran ($X) were the largest markets for crude soybean oil exported from Turkey worldwide, together comprising 69% of total exports. Iraq, China, Tunisia, Egypt, Lebanon and Bangladesh lagged somewhat behind, together accounting for a further 27%.

Egypt, with a CAGR of +84.0%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2021, with an increase of 58% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, the highest price was recorded for prices to India ($X per ton) and Lebanon ($X per ton), while the average price for exports to Egypt ($X per ton) and Tunisia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+84.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Turkey

In 2021, purchases abroad of crude soybean oil decreased by -12.5% to X tons, falling for the eighth consecutive year after two years of growth. Over the period under review, imports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2013 with an increase of 40% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports expanded slightly to $X in 2021. Overall, imports saw a abrupt downturn. The pace of growth was the most pronounced in 2013 when imports increased by 36% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Argentina (X tons) constituted the largest crude soybean oil supplier to Turkey, with a 85% share of total imports. Moreover, crude soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Russia (X tons), sixfold. Ukraine (X tons) ranked third in terms of total imports with a 0.5% share.

From 2012 to 2021, the average annual growth rate of volume from Argentina amounted to -4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (0.0% per year) and Ukraine (-38.3% per year).

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Turkey, comprising 69% of total imports. The second position in the ranking was held by Russia ($X), with a 28% share of total imports. It was followed by Ukraine, with a 0.8% share.

From 2012 to 2021, the average annual growth rate of value from Argentina stood at -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (0.0% per year) and Ukraine (-34.3% per year).

Import Prices by Country

In 2021, the average crude soybean oil import price amounted to $X per ton, picking up by 17% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+14.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :