Argentina: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Argentina

The Argentinian refined soybean oil market contracted to $X in 2022, falling by -12.5% against the previous year. Overall, consumption saw a abrupt decline. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Argentina

In value terms, refined soybean oil production rose markedly to $X in 2022 estimated in export price. In general, production, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2020 with an increase of 58% against the previous year. Refined soybean oil production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Argentina

In 2022, shipments abroad of refined soybean oil and its fractions increased by 38% to X tons, rising for the third year in a row after three years of decline. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 164%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, refined soybean oil exports surged to $X in 2022. In general, exports showed resilient growth. The pace of growth was the most pronounced in 2020 with an increase of 175%. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Chile (X tons) was the main destination for refined soybean oil exports from Argentina, accounting for a 64% share of total exports. Moreover, refined soybean oil exports to Chile exceeded the volume sent to the second major destination, Spain (X tons), fivefold. Panama (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Chile amounted to +24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Panama (+23.9% per year).

In value terms, Chile ($X) remains the key foreign market for refined soybean oil and its fractions exports from Argentina, comprising 67% of total exports. The second position in the ranking was taken by Spain ($X), with a 10% share of total exports. It was followed by Panama, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Chile amounted to +27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Panama (+25.4% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, jumping by 22% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +84.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 45% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Trinidad and Tobago ($X per ton) and Panama ($X per ton), while the average price for exports to Spain ($X per ton) and Cuba ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cuba (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Argentina

In 2022, after two years of growth, there was significant decline in purchases abroad of refined soybean oil and its fractions, when their volume decreased by -8.7% to X tons. Over the period under review, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 1,316% against the previous year. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports contracted to $X in 2022. Overall, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 569%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined soybean oil to Argentina, accounting for a 67% share of total imports. Moreover, refined soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was held by Brazil (X kg), with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled -9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+26.1% per year) and Brazil (-34.4% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined soybean oil and its fractions to Argentina, comprising 64% of total imports. The second position in the ranking was held by Germany ($X), with a 32% share of total imports. It was followed by Brazil, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands amounted to -7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+22.1% per year) and Brazil (-26.1% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with an increase of 6.7% against the previous year. Overall, the import price, however, saw a abrupt downturn. The pace of growth appeared the most rapid in 2020 an increase of 31% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Germany ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+12.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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