Malaysia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Malaysia

The Malaysian crude soybean oil market expanded remarkably to $X in 2022, picking up by 14% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Soybean Oil Production in Malaysia

In value terms, crude soybean oil production expanded to $X in 2022 estimated in export price. In general, production recorded a mild contraction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 32% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Malaysia

Crude soybean oil exports from Malaysia fell notably to X tons in 2022, reducing by -30.4% against the previous year's figure. Over the period under review, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2016 when exports increased by 548%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude soybean oil exports reduced remarkably to $X in 2022. In general, exports saw a abrupt curtailment. The pace of growth was the most pronounced in 2016 with an increase of 398%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Fiji (X tons) was the main destination for crude soybean oil exports from Malaysia, accounting for a 68% share of total exports. Moreover, crude soybean oil exports to Fiji exceeded the volume sent to the second major destination, Papua New Guinea (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Fiji totaled +280.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (+18.5% per year) and New Caledonia (+35.4% per year).

In value terms, Fiji ($X) emerged as the key foreign market for crude soybean oil exports from Malaysia, comprising 66% of total exports. The second position in the ranking was taken by Papua New Guinea ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Fiji amounted to +306.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (+20.5% per year) and New Caledonia (+30.6% per year).

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, declining by -7.8% against the previous year. In general, the export price continues to indicate a slight downturn. The pace of growth was the most pronounced in 2021 an increase of 38% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to New Caledonia ($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 Fiji (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Malaysia

In 2022, crude soybean oil imports into Malaysia skyrocketed to X tons, jumping by 23% compared with 2021 figures. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.7% 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 -15.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports reduced modestly to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 42%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of crude soybean oil to Malaysia, accounting for a 57% share of total imports. Moreover, crude soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Russia (X tons) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume from Argentina stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+87.5% per year) and Russia (+26.4% per year).

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Malaysia, comprising 48% of total imports. The second position in the ranking was taken by China ($X), with a 23% share of total imports. It was followed by Russia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina amounted to -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+88.2% per year) and Russia (+35.2% per year).

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2022, shrinking by -20.5% against the previous year. Over the period under review, the import price saw a perceptible reduction. The growth pace was the most rapid in 2021 an increase of 53%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Russia ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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