ASEAN: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in ASEAN

The ASEAN crude soybean oil market rose sharply to $X in 2022, picking up by 7.1% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value increased by 9.1% against the previous year. Over the period under review, the market attained the maximum level at $X in 2013; afterwards, it flattened through to 2022.

Crude Soybean Oil Production in ASEAN

In value terms, crude soybean oil production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2018 with an increase of 22% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in ASEAN

In 2022, overseas shipments of crude soybean oil decreased by -31.3% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 59%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports declined rapidly to $X in 2022. Over the period under review, exports recorded a perceptible curtailment. The growth pace was the most rapid in 2021 with an increase of 136%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) and Thailand (X tons) dominates exports structure, together making up 91% of total exports. It was distantly followed by Malaysia (X tons), committing a 7.1% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of -2.8%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest crude soybean oil supplying countries in ASEAN were Thailand ($X), Vietnam ($X) and Malaysia ($X), together accounting for 98% of total exports.

In terms of the main exporting countries, Thailand, with a CAGR of +0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of 1.9% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +76.7% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 70%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Crude Soybean Oil Imports

Imports in ASEAN

Crude soybean oil imports expanded remarkably to X tons in 2022, picking up by 7% against the previous year. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -17.2% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 37%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports fell to $X in 2022. Total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +42.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 40% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) represented the largest importer of crude soybean oil, generating 61% of total imports. It was distantly followed by Vietnam (X tons), comprising a 39% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +2.7%).

In value terms, Malaysia ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2022.

Among the main importing countries, Vietnam, with a CAGR of +3.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, falling by -13.1% against the previous year. Overall, the import price showed a slight decrease. The most prominent rate of growth was recorded in 2021 an increase of 41% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+0.8%).

Source: IndexBox Platform