Hong Kong SAR, China: Soybean Oil Market 2024

Soybean Oil Market Size in Hong Kong SAR, China

The Hong Kong soybean oil market totaled $X in 2022, with an increase of 15% 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). In general, consumption, however, posted a tangible expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Soybean Oil Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of soybean oil were exported from Hong Kong SAR; waning by -16.5% on 2021. In general, exports recorded a perceptible decline. The pace of growth appeared the most rapid in 2013 with an increase of 24%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports totaled $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 72% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for soybean oil exports from Hong Kong SAR, accounting for a 92% share of total exports. It was followed by China (X tons), with a 3% share of total exports. The third position in this ranking was held by Guam (X tons), with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-24.0% per year) and Guam (+34.3% per year).

In value terms, Macao SAR ($X) remains the key foreign market for soybean oil exports from Hong Kong SAR, comprising 90% of total exports. The second position in the ranking was held by Guam ($X), with a 3.5% share of total exports. It was followed by China, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR totaled +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guam (+40.5% per year) and China (-20.9% per year).

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, picking up by 21% against the previous year. Overall, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +84.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 44% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to 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.

Soybean Oil Imports

Imports into Hong Kong SAR, China

In 2022, the amount of soybean oil imported into Hong Kong SAR declined modestly to X tons, waning by -3.3% compared with the previous year. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 103% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports surged to $X in 2022. Over the period under review, imports, however, saw a pronounced increase. The most prominent rate of growth was recorded in 2021 with an increase of 148%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of soybean oil to Hong Kong SAR, with a 69% share of total imports. Moreover, soybean oil imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +25.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.6% per year) and Taiwan (Chinese) (+8.7% per year).

In value terms, China ($X) constituted the largest supplier of soybean oil to Hong Kong SAR, comprising 68% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +27.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+17.6% per year) and Taiwan (Chinese) (+10.5% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, increasing by 22% against the previous year. Overall, the import price recorded a moderate increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 52%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Malaysia ($X per ton) and Thailand ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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