China: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in China

The Chinese refined soybean oil market shrank slightly to $X in 2022, waning by -4.4% against the previous year. Over the period under review, consumption showed a mild shrinkage. The most prominent rate of growth was recorded in 2021 when the market value increased by 6.3%. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in China

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. Overall, production recorded a mild curtailment. The growth pace was the most rapid in 2018 with an increase of 8.3% against the previous year. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from China

In 2022, shipments abroad of refined soybean oil and its fractions increased by 106% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports posted a resilient increase. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports surged to $X in 2022. In general, exports saw a strong increase. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for refined soybean oil exports from China, with a 14% share of total exports. Moreover, refined soybean oil exports to Malaysia exceeded the volume sent to the second major destination, South Korea (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled +58.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+51.4% per year) and Singapore (-8.5% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from China, comprising 15% of total exports. The second position in the ranking was taken by South Korea ($X), with a 6.1% share of total exports. It was followed by Singapore, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled +70.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+50.1% per year) and Singapore (-8.0% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, rising by 20% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 41%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Mongolia ($X per ton) and Singapore ($X per ton), while the average price for exports to the Philippines ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into China

In 2022, supplies from abroad of refined soybean oil and its fractions decreased by -12.1% to X tons, falling for the fourth consecutive year after five years of growth. In general, imports, however, posted a significant increase. The growth pace was the most rapid in 2015 when imports increased by 537%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports reduced to $X in 2022. Over the period under review, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 425% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Russia (X tons) was the main supplier of refined soybean oil to China, with a 91% share of total imports. Moreover, refined soybean oil imports from Russia exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. The third position in this ranking was held by Sweden (X tons), with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to +25.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+30.6% per year) and Sweden (+16.5% per year).

In value terms, Russia ($X) constituted the largest supplier of refined soybean oil and its fractions to China, comprising 87% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 6.8% share of total imports. It was followed by Sweden, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value from Russia stood at +26.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+33.4% per year) and Sweden (+5.0% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, with an increase of 13% against the previous year. Overall, the import price, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2021 an increase of 40%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Thailand ($X per ton), while the price for Russia ($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 (+76.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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