China: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in China

The Chinese crude soybean oil market contracted to $X in 2022, waning by -5.7% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Crude Soybean Oil Production in China

In value terms, crude soybean oil production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 78%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Crude Soybean Oil Exports

Exports from China

After two years of growth, shipments abroad of crude soybean oil decreased by -28.9% to X tons in 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 192% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude soybean oil exports shrank to $X in 2022. Over the period under review, exports, however, saw a slight expansion. The growth pace was the most rapid in 2018 with an increase of 166% against the previous year. The exports peaked at $X in 2021, and then dropped slightly in the following year.

Exports by Country

Malaysia (X tons) was the main destination for crude soybean oil exports from China, with a 72% share of total exports. Moreover, crude soybean oil exports to Malaysia exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to -6.0%.

In value terms, Malaysia ($X) remains the key foreign market for crude soybean oil exports from China, comprising 74% of total exports. The second position in the ranking was held by South Korea ($X), with a 4.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Malaysia amounted to +17.7%.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, growing by 35% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 39% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to South Korea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+25.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into China

After three years of growth, purchases abroad of crude soybean oil decreased by -69.7% to X tons in 2022. Overall, imports showed a abrupt contraction. The growth pace was the most rapid in 2019 when imports increased by 54% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude soybean oil imports declined notably to $X in 2022. In general, imports recorded a abrupt decrease. The pace of growth was the most pronounced in 2021 when imports increased by 47%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X tons), Argentina (X tons) and Russia (X tons) were the main suppliers of crude soybean oil imports to China, with a combined 95% share of total imports. These countries were followed by Ukraine, which accounted for a further 4.1%.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +57.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest crude soybean oil suppliers to China were Brazil ($X), Argentina ($X) and Russia ($X), with a combined 95% share of total imports.

Russia, with a CAGR of +60.4%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, with an increase of 47% against the previous year. Overall, import price indicated a modest increase 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 import price increased by +94.7% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Brazil ($X per ton) and Ukraine ($X per ton), while the price for Russia ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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