Bangladesh: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Bangladesh

The Bangladeshi refined soybean oil market declined to $X in 2022, waning by -9.3% against the previous year. Over the period under review, consumption recorded a noticeable slump. Refined soybean oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Bangladesh

In value terms, refined soybean oil production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2016 with an increase of 51% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Refined Soybean Oil Exports

Exports from Bangladesh

In 2022, approx. X tons of refined soybean oil and its fractions were exported from Bangladesh; growing by 27% against 2021. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 160%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports soared to $X in 2022. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2016 with an increase of 234%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for refined soybean oil exports from Bangladesh, with a approx. 99% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to India amounted to +30.2%.

In value terms, India ($X) also remains the key foreign market for refined soybean oil and its fractions exports from Bangladesh.

From 2012 to 2022, the average annual rate of growth in terms of value to India stood at +32.3%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, reducing by -5.7% against the previous year. In general, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 +8.2% against 2019 indices. The pace of growth was the most pronounced in 2016 when the average export price increased by 40%. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +1.6% per year.

Refined Soybean Oil Imports

Imports into Bangladesh

In 2022, supplies from abroad of refined soybean oil and its fractions was finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. In general, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 170% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports expanded sharply to $X in 2022. Over the period under review, imports, however, saw a perceptible decrease. The pace of growth appeared the most rapid in 2016 with an increase of 138%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Singapore (X tons) constituted the largest refined soybean oil supplier to Bangladesh, with a 53% share of total imports. Moreover, refined soybean oil imports from Singapore exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was taken by Belgium (X tons), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore totaled -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-14.4% per year) and Belgium (+19.7% per year).

In value terms, Singapore ($X) constituted the largest supplier of refined soybean oil and its fractions to Bangladesh, comprising 73% of total imports. The second position in the ranking was held by Belgium ($X), with a 9.7% share of total imports. It was followed by Malaysia, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore stood at +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+23.6% per year) and Malaysia (-17.0% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, falling by -15.2% against the previous year. Overall, the import price, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2020 an increase of 81%. The import price peaked at $X per ton in 2021, and then reduced notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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