Indonesia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Indonesia

The Indonesian crude soybean oil market fell to $X in 2022, which is down by -1.5% against the previous year. Over the period under review, consumption continues to indicate a pronounced setback. Crude soybean oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Indonesia

In value terms, crude soybean oil production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt slump. The most prominent rate of growth was recorded in 2018 when the production volume increased by 122%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Indonesia

Crude soybean oil exports from Indonesia soared to X tons in 2022, rising by 22% against the year before. Overall, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 7,618%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. In general, exports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2017 when exports increased by 7,462% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons) was the main destination for crude soybean oil exports from Indonesia, accounting for a 97% share of total exports. It was followed by Pakistan (X tons), with a 1.9% share of total exports. Nepal (X tons) ranked third in terms of total exports with a 0.3% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh stood at -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+18.4% per year) and Nepal (-36.9% per year).

In value terms, Bangladesh ($X) remains the key foreign market for crude soybean oil exports from Indonesia, comprising 93% of total exports. The second position in the ranking was held by Pakistan ($X), with a 2.3% share of total exports. It was followed by Nepal, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value to Bangladesh amounted to -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+15.4% per year) and Nepal (-37.0% per year).

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, the export price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 an increase of 19%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Bangladesh ($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 India (+25.4%), while the prices for the other major destinations experienced a decline.

Crude Soybean Oil Imports

Imports into Indonesia

After four years of decline, supplies from abroad of crude soybean oil increased by 37% to X tons in 2022. Overall, imports posted a significant expansion. The growth pace was the most rapid in 2013 when imports increased by 1,172%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports soared to $X in 2022. In general, imports saw a strong increase. The pace of growth appeared the most rapid in 2013 when imports increased by 1,205%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest crude soybean oil supplier to Indonesia, with a 81% share of total imports. Moreover, crude soybean oil imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold. Brazil (X kg) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +86.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+15.3% per year) and Brazil (-6.4% per year).

In value terms, the United States ($X), South Korea ($X) and Brazil ($X) appeared to be the largest crude soybean oil suppliers to Indonesia, together comprising 87% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +74.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, shrinking by -14.6% against the previous year. Over the period under review, the import price recorded a abrupt descent. The pace of growth appeared the most rapid in 2021 an increase of 31%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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