MERCOSUR: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in MERCOSUR

The MERCOSUR crude soybean oil market contracted to $X in 2022, with a decrease of -7.9% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in MERCOSUR

In value terms, crude soybean oil production reduced slightly to $X in 2022 estimated in export price. Overall, production showed a pronounced setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports in MERCOSUR

In 2022, exports of crude soybean oil in MERCOSUR amounted to X tons, surging by 4% compared with 2021. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 35% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude soybean oil exports surged to $X in 2022. In general, exports enjoyed a pronounced increase. The growth pace was the most rapid in 2021 when exports increased by 62%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

Argentina represented the main exporting country with an export of about X tons, which resulted at 59% of total exports. Brazil (X tons) took a 35% share (based on physical terms) of total exports, which put it in second place, followed by Paraguay (5.4%).

From 2012 to 2022, the biggest increases were recorded for Paraguay (with a CAGR of +11.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest crude soybean oil supplying countries in MERCOSUR were Argentina ($X), Brazil ($X) and Paraguay ($X), together accounting for 100% of total exports.

In terms of the main exporting countries, Paraguay, with a CAGR of +14.4%, recorded the highest rates of growth with regard to 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 export price in MERCOSUR stood at $X per ton in 2022, with an increase of 28% against the previous year. Over the period under review, the export price continues to indicate a notable expansion. The pace of growth appeared the most rapid in 2021 when the export price increased by 66%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.5%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in MERCOSUR

In 2022, the amount of crude soybean oil imported in MERCOSUR was estimated at X tons, leveling off at 2021 figures. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 13% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports shrank to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 34%. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

Peru represented the major importing country with an import of about X tons, which reached 45% of total imports. It was distantly followed by Colombia (X tons), Ecuador (X tons), Argentina (X tons) and Venezuela (X tons), together generating a 53% share of total imports. Brazil (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +38.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude soybean oil importing markets in MERCOSUR were Peru ($X), Colombia ($X) and Argentina ($X), together accounting for 82% of total imports. Ecuador, Venezuela and Brazil lagged somewhat behind, together comprising a further 18%.

Among the main importing countries, Brazil, with a CAGR of +39.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, shrinking by -11.2% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 45%. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Colombia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform