Malaysia: Soybean Oil Market 2024

Soybean Oil Market Size in Malaysia

The Malaysian soybean oil market was estimated at $X in 2022, standing approx. at the previous year. Over the period under review, consumption, however, continues to indicate a slight setback. Soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Soybean Oil Production in Malaysia

In value terms, soybean oil production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by 20% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Soybean Oil Exports

Exports from Malaysia

In 2022, the amount of soybean oil exported from Malaysia contracted modestly to X tons, remaining stable against 2021 figures. Overall, exports recorded a noticeable contraction. The growth pace was the most rapid in 2016 when exports increased by 18%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports declined sharply to $X in 2022. In general, exports continue to indicate a perceptible setback. The growth pace was the most rapid in 2021 when exports increased by 49%. Over the period under review, the exports hit record highs 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 soybean oil exports from Malaysia, with a combined 51% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Angola (with a CAGR of +72.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Mauritania ($X) and Australia ($X) constituted the largest markets for soybean oil exported from Malaysia worldwide, together comprising 43% of total exports. Angola, Fiji, Indonesia, New Zealand, Singapore, Papua New Guinea, Vietnam, Hong Kong SAR and China lagged somewhat behind, together comprising a further 46%.

Among 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 soybean oil export price stood at $X per ton in 2022, which is down by -15.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2021 when the average export price increased by 46%. As a result, the export price attained the peak level of $X per ton, and then contracted 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 New Zealand ($X per ton), while the average price for exports to Mauritania ($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.

Soybean Oil Imports

Imports into Malaysia

In 2022, approx. X tons of soybean oil were imported into Malaysia; rising by 17% on the year before. The total import volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 34%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports dropped to $X in 2022. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 42%. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of soybean oil to Malaysia, with a 51% share of total imports. Moreover, soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+65.8% per year) and Thailand (+84.7% per year).

In value terms, Argentina ($X), China ($X) and Thailand ($X) appeared to be the largest soybean oil suppliers to Malaysia, together comprising 75% of total imports.

Thailand, with a CAGR of +79.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, with a decrease of -20.1% against the previous year. Overall, the import price recorded a pronounced slump. The growth pace was the most rapid in 2021 an increase of 54%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+7.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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