Bahrain: Soybean Oil Market 2024

Soybean Oil Market Size in Bahrain

The Bahraini soybean oil market soared to $X in 2022, growing by 72% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a buoyant increase. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in years to come.

Soybean Oil Exports

Exports from Bahrain

After three years of growth, shipments abroad of soybean oil decreased by -42.6% to X tons in 2022. Over the period under review, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 611%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports fell to $X in 2022. In general, exports showed a abrupt setback. The pace of growth was the most pronounced in 2016 when exports increased by 351% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for soybean oil exports from Bahrain, with a 100% share of total exports. It was followed by the United Arab Emirates (X kg), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia amounted to -4.4%.

In value terms, Saudi Arabia ($X) emerged as the key foreign market for soybean oil exports from Bahrain, comprising 96% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 3.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia amounted to +1.1%.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, surging by 49% against the previous year. Overall, the export price, however, recorded a pronounced descent. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Saudi Arabia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+668.3%), while the prices for the other major destinations experienced mixed trend patterns.

Soybean Oil Imports

Imports into Bahrain

In 2022, the amount of soybean oil imported into Bahrain soared to X tons, with an increase of 50% on the year before. Over the period under review, imports showed measured growth. The pace of growth was the most pronounced in 2014 when imports increased by 104% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, soybean oil imports soared to $X in 2022. In general, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 245%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of soybean oil to Bahrain, with a 75% share of total imports. Moreover, soybean oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was taken by Oman (X tons), with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates totaled +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+42.8% per year) and Oman (+0.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of soybean oil to Bahrain, comprising 74% of total imports. The second position in the ranking was taken by the United States ($X), with a 21% share of total imports. It was followed by Oman, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+45.0% per year) and Oman (+6.9% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, increasing by 23% against the previous year. In general, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +88.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 69% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform