Belarus: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Belarus

After five years of decline, the Belarusian refined soybean oil market increased by 46% to $X in 2022. Over the period under review, consumption, however, continues to indicate a abrupt descent. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Belarus

In value terms, refined soybean oil production fell to $X in 2022 estimated in export price. In general, production recorded a deep slump. The growth pace was the most rapid in 2015 when the production volume increased by 30% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Belarus

In 2022, shipments abroad of refined soybean oil and its fractions decreased by -53.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, saw significant growth. The pace of growth was the most pronounced in 2019 with an increase of 5,699%. Over the period under review, the exports attained the maximum at X tons in 2021, and then declined remarkably in the following year.

In value terms, refined soybean oil exports contracted remarkably to $X in 2022. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 1,587% against the previous year. The exports peaked at $X in 2021, and then fell markedly in the following year.

Exports by Country

Estonia (X tons) was the main destination for refined soybean oil exports from Belarus, accounting for a 45% share of total exports. Moreover, refined soybean oil exports to Estonia exceeded the volume sent to the second major destination, Jordan (X tons), eightfold.

From 2018 to 2022, the average annual growth rate of volume to Estonia stood at -16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (0.0% per year) and Israel (-78.4% per year).

In value terms, Estonia ($X) remains the key foreign market for refined soybean oil and its fractions exports from Belarus, comprising 44% of total exports. The second position in the ranking was taken by Jordan ($X), with a 7.5% share of total exports.

From 2018 to 2022, the average annual growth rate of value to Estonia stood at +23.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (0.0% per year) and Israel (-59.8% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, picking up by 35% against the previous year. In general, the export price, however, saw a abrupt contraction. The growth pace was the most rapid in 2021 when the average export price increased by 57% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Estonia ($X per ton) was amongst the lowest.

From 2018 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (+86.0%).

Refined Soybean Oil Imports

Imports into Belarus

In 2022, approx. X tons of refined soybean oil and its fractions were imported into Belarus; jumping by 27% against the year before. In general, imports continue to indicate moderate growth. The most prominent rate of growth was recorded in 2020 with an increase of 200%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined soybean oil imports dropped to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 195%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Russia (X tons), Argentina (X tons) and Poland (X tons) were the main suppliers of refined soybean oil imports to Belarus, with a combined 49% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +50.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil suppliers to Belarus were Poland ($X), Germany ($X) and Argentina ($X), with a combined 44% share of total imports.

Argentina, with a CAGR of +39.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, waning by -24.9% against the previous year. In general, the import price recorded a abrupt contraction. The growth pace was the most rapid in 2021 an increase of 48% against the previous year. 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 stood at a somewhat 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 Poland ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (-4.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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