Uruguay: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Uruguay

The Uruguayan crude soybean oil market shrank to $X in 2022, reducing by X% against the previous year. Overall, consumption showed a noticeable setback. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Uruguay

In value terms, crude soybean oil production expanded sharply to $X in 2022 estimated in export price. In general, production enjoyed a strong expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Crude Soybean Oil Exports

Exports from Uruguay

Crude soybean oil exports from Uruguay soared to X tons in 2022, increasing by X% on the year before. In general, exports saw a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by X,900%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of X,129% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Peru (X tons) was the main destination for crude soybean oil exports from Uruguay, accounting for a X% share of total exports. Moreover, crude soybean oil exports to Peru exceeded the volume sent to the second major destination, Brazil (X tons), twofold.

From 2013 to 2022, the average annual growth rate of volume to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (X% per year) and Panama (X% per year).

In value terms, Peru ($X) emerged as the key foreign market for crude soybean oil exports from Uruguay, comprising X% of total exports. The second position in the ranking was held by Brazil ($X), with a X% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms of value to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (X% per year) and Panama (X% per year).

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price posted a temperate expansion. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Uruguay

In 2022, after eight years of decline, there was significant decline in supplies from abroad of crude soybean oil, when their volume decreased by X% to X tons. Overall, imports showed a sharp reduction. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports contracted sharply to $X in 2022. Over the period under review, imports saw a dramatic contraction. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Paraguay (X tons), Brazil (X tons) and Argentina (X tons) were the main suppliers of crude soybean oil imports to Uruguay, with a combined X% share of total imports.

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

In value terms, the largest crude soybean oil suppliers to Uruguay were Paraguay ($X), Brazil ($X) and Argentina ($X), with a combined X% share of total imports.

In terms of the main suppliers, Paraguay, 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 a decline.

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Paraguay ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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