Malaysia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Malaysia

The Malaysian refined soybean oil market reduced markedly to $X in 2022, waning by -15.2% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Refined soybean oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Malaysia

In value terms, refined soybean oil production shrank to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable decrease. The growth pace was the most rapid in 2021 with an increase of 8% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Malaysia

After nine years of decline, shipments abroad of refined soybean oil and its fractions increased by 1.4% to X tons in 2022. In general, exports, however, saw a pronounced reduction. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports shrank to $X in 2022. Over the period under review, exports, however, saw a noticeable descent. The growth pace was the most rapid in 2021 when exports increased by 43% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Mauritania (X tons), Angola (X tons) and the Philippines (X tons) were the main destinations of refined soybean oil exports from Malaysia, together comprising 54% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Angola (with a CAGR of +72.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined soybean oil exported from Malaysia were the Philippines ($X), Mauritania ($X) and Australia ($X), with a combined 45% share of total exports. Angola, Indonesia, Fiji, New Zealand, Singapore, Sudan, Papua New Guinea, Vietnam, Madagascar and Hong Kong SAR lagged somewhat behind, together accounting for a further 50%.

In terms of the main countries of destination, Angola, with a CAGR of +64.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, which is down by -16.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2021 an increase of 48% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced remarkably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to Mauritania ($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 Mauritania (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Malaysia

After four years of growth, purchases abroad of refined soybean oil and its fractions decreased by -11.8% to X tons in 2022. In general, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 763%. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, refined soybean oil imports reduced dramatically to $X in 2022. Over the period under review, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 661%. Over the period under review, imports attained the maximum at $X in 2021, and then declined markedly in the following year.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of refined soybean oil to Malaysia, with a 36% share of total imports. Moreover, refined soybean oil imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Belgium (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand totaled +70.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+29.7% per year) and Belgium (+54.8% per year).

In value terms, Thailand ($X) constituted the largest supplier of refined soybean oil and its fractions to Malaysia, comprising 41% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Belgium, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand amounted to +66.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+29.4% per year) and Belgium (+45.7% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, falling by -14.7% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 52%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+24.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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