MERCOSUR: Soybean Oil Market 2024

Soybean Oil Market Size in MERCOSUR

The MERCOSUR soybean oil market declined to $X in 2022, which is down by -7.7% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Soybean Oil Production in MERCOSUR

In value terms, soybean oil production dropped modestly to $X in 2022 estimated in export price. Overall, production saw a perceptible slump. The pace of growth was the most pronounced in 2017 when the production volume increased by 16%. 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.

Soybean Oil Exports

Exports in MERCOSUR

In 2022, soybean oil exports in MERCOSUR amounted to X tons, surging by 4.9% against the previous year. The total export volume increased at an average annual rate of +2.6% 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 2015 with an increase of 33%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports saw a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 63%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Argentina was the key exporting country with an export of about X tons, which reached 58% of total exports. Brazil (X tons) ranks second in terms of the total exports with a 36% share, followed by Paraguay (5.1%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Paraguay (with a CAGR of +11.7%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and Paraguay ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 99% of total exports.

In terms of the main exporting countries, Paraguay, with a CAGR of +14.4%, recorded 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

In 2022, the export price in MERCOSUR amounted to $X per ton, with an increase of 27% against the previous year. Over the period under review, the export price posted moderate growth. The most prominent rate of growth was recorded in 2021 when the export price increased by 65%. 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 Brazil (+2.5%), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports in MERCOSUR

In 2022, imports of soybean oil in MERCOSUR was estimated at X tons, therefore, remained relatively stable against the previous year's figure. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 18% against the previous year. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, soybean oil imports shrank to $X in 2022. Total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 45% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Peru (X tons), distantly followed by Colombia (X tons), Venezuela (X tons), Chile (X tons), Ecuador (X tons) and Argentina (X tons) represented the key importers of soybean oil, together creating 97% of total imports. Brazil (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Brazil (with a CAGR of +38.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Colombia ($X) and Chile ($X) constituted the countries with the highest levels of imports in 2022, together comprising 69% of total imports. Venezuela, Argentina, Ecuador and Brazil lagged somewhat behind, together comprising a further 29%.

Brazil, with a CAGR of +37.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2022, waning by -6.9% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 47%. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while Colombia ($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