Colombia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Colombia

In 2022, the Colombian crude soybean oil market decreased by -6.5% to $X for the first time since 2017, thus ending a four-year rising trend. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Crude Soybean Oil Production in Colombia

In value terms, crude soybean oil production contracted slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.4% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 40%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Crude Soybean Oil Exports

Exports from Colombia

In 2022, after four years of decline, there was significant growth in overseas shipments of crude soybean oil, when their volume increased by 52% to X tons. Overall, exports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 523% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude soybean oil exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 when exports increased by 539%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ecuador (X tons) was the main destination for crude soybean oil exports from Colombia, with a 86% share of total exports. Moreover, crude soybean oil exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador amounted to +36.3%.

In value terms, Ecuador ($X) remains the key foreign market for crude soybean oil exports from Colombia, comprising 83% of total exports. The second position in the ranking was held by Venezuela ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ecuador stood at +29.8%.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, declining by -1.8% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 19%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank modestly in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Ecuador totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+0.6%).

Crude Soybean Oil Imports

Imports into Colombia

Crude soybean oil imports into Colombia expanded sharply to X tons in 2022, rising by 10% on the previous year's figure. Overall, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -8.7% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 38%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports fell to $X in 2022. The total import value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 21%. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Bolivia (X tons) constituted the largest crude soybean oil supplier to Colombia, with a 81% share of total imports. Moreover, crude soybean oil imports from Bolivia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bolivia totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-9.7% per year) and the United States (+1.6% per year).

In value terms, Bolivia ($X) constituted the largest supplier of crude soybean oil to Colombia, comprising 80% of total imports. The second position in the ranking was held by Argentina ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Bolivia totaled +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-12.1% per year) and the United States (-0.0% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, reducing by -15.9% against the previous year. Over the period under review, the import price saw a pronounced shrinkage. The pace of growth was the most pronounced in 2021 when the average import price increased by 41%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Bolivia ($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 (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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