Ecuador: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Ecuador

After five years of decline, the Ecuadorian refined soybean oil market increased by 0.6% to $X in 2022. Over the period under review, consumption, however, recorded a abrupt decrease. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Ecuador

In value terms, refined soybean oil production dropped modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39% against the previous year. Refined soybean oil production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports from Ecuador

In 2022, the amount of refined soybean oil and its fractions exported from Ecuador fell rapidly to X tons, with a decrease of -48.3% on the year before. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2021 when exports increased by 2,895% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports shrank remarkably to $X in 2022. Over the period under review, exports showed a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by 4,393%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X tons) was the main destination for refined soybean oil exports from Ecuador, with a 98% share of total exports. It was followed by Venezuela (X tons), with a 1.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia stood at +12.1%.

In value terms, Colombia ($X) remains the key foreign market for refined soybean oil and its fractions exports from Ecuador, comprising 98% of total exports. The second position in the ranking was held by Venezuela ($X), with a 1.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Colombia stood at +13.9%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 50% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external 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 Colombia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+2.4%).

Refined Soybean Oil Imports

Imports into Ecuador

After two years of decline, purchases abroad of refined soybean oil and its fractions increased by 8% to X tons in 2022. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 101% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports fell modestly to $X in 2022. In general, imports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 81%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Colombia (X tons) was the main refined soybean oil supplier to Ecuador, accounting for a 98% share of total imports. It was followed by Bolivia (X tons), with a 2% share of total imports. Peru (X tons) ranked third in terms of total imports with a 0.2% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (-38.3% per year) and Peru (-50.8% per year).

In value terms, Colombia ($X) constituted the largest supplier of refined soybean oil and its fractions to Ecuador, comprising 96% of total imports. The second position in the ranking was held by Bolivia ($X), with a 3.6% share of total imports. It was followed by Peru, with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Colombia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (-35.8% per year) and Peru (-52.5% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, reducing by -9.9% against the previous year. Over the period under review, the import price recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when the average import price increased by 20%. 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 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 Bolivia ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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