China: Soybean Oil Market 2024

Soybean Oil Market Size in China

The Chinese soybean oil market dropped modestly to $X in 2022, which is down by -3.5% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Soybean Oil Production in China

In value terms, soybean oil production reached $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 18%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Soybean Oil Exports

Exports from China

In 2022, shipments abroad of soybean oil increased by 52% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports enjoyed resilient growth. The pace of growth was the most pronounced in 2018 when exports increased by 66% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, soybean oil exports soared to $X in 2022. In general, exports showed a strong expansion. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for soybean oil exports from China, with a 25% share of total exports. Moreover, soybean oil exports to Malaysia exceeded the volume sent to the second major destination, South Korea (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to +74.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+54.1% per year) and Singapore (-8.5% per year).

In value terms, Malaysia ($X) remains the key foreign market for soybean oil exports from China, comprising 27% of total exports. The second position in the ranking was taken by South Korea ($X), with a 5.8% share of total exports. It was followed by Singapore, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled +88.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+52.8% per year) and Singapore (-8.0% per year).

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, growing by 24% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 39%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into China

In 2022, overseas purchases of soybean oil decreased by -69% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports showed a abrupt decline. The pace of growth appeared the most rapid in 2019 when imports increased by 50%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports dropped notably to $X in 2022. Overall, imports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Argentina (X tons) and Russia (X tons) were the main suppliers of soybean oil imports to China, with a combined 95% share of total imports. Ukraine and the United States lagged somewhat behind, together accounting for a further 3.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +57.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest soybean oil suppliers to China were Brazil ($X), Argentina ($X) and Russia ($X), together comprising 95% of total imports. Ukraine and the United States lagged somewhat behind, together accounting for a further 3.9%.

Ukraine, with a CAGR of +59.4%, 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 soybean oil import price amounted to $X per ton, rising by 47% against the previous year. Over the period under review, import price indicated a mild expansion 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, soybean oil import price increased by +93.9% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+18.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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