Hong Kong SAR, China: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Hong Kong SAR, China

The Hong Kong refined soybean oil market reached $X in 2022, increasing by 7.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate measured growth. Refined soybean oil consumption peaked in 2022 and is likely to continue growth in the near future.

Refined Soybean Oil Exports

Exports from Hong Kong SAR, China

Refined soybean oil exports from Hong Kong SAR contracted markedly to X tons in 2022, dropping by -16.6% against the previous year. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 20% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, refined soybean oil exports totaled $X in 2022. In general, total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 72% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Macao SAR (X tons) was the main destination for refined soybean oil exports from Hong Kong SAR, with a 92% share of total exports. It was followed by Guam (X tons), with a 2.6% share of total exports. China (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guam (+34.3% per year) and China (-7.7% per year).

In value terms, Macao SAR ($X) remains the key foreign market for refined soybean oil and its fractions exports from Hong Kong SAR, comprising 91% of total exports. The second position in the ranking was taken by Guam ($X), with a 3.5% share of total exports. It was followed by China, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR stood at +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guam (+40.5% per year) and China (-6.2% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, increasing by 22% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +84.6% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 44% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Guam ($X per ton) and China ($X per ton), while the average price for exports to Macao SAR ($X per ton) and Northern Mariana Islands ($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 Guam (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Hong Kong SAR, China

In 2022, the amount of refined soybean oil and its fractions imported into Hong Kong SAR declined to X tons, falling by -7.6% on 2021 figures. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 74%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports expanded rapidly to $X in 2022. Overall, imports, however, recorded a pronounced increase. The pace of growth was the most pronounced in 2021 when imports increased by 165%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest refined soybean oil supplier to Hong Kong SAR, with a 68% share of total imports. Moreover, refined soybean oil imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +23.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+27.8% per year) and Taiwan (Chinese) (+8.7% per year).

In value terms, China ($X) constituted the largest supplier of refined soybean oil and its fractions to Hong Kong SAR, comprising 67% of total imports. The second position in the ranking was held by Thailand ($X), with a 24% share of total imports. It was followed by Taiwan (Chinese), with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+31.0% per year) and Taiwan (Chinese) (+10.5% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, growing by 20% against the previous year. Over the period under review, the import price showed a tangible increase. The most prominent rate of growth was recorded in 2021 an increase of 52% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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