Paraguay: Soybean Oil Market 2024

Soybean Oil Market Size in Paraguay

In 2022, the Paraguayan soybean oil market increased by 140% to $X, rising for the third year in a row after two years of decline. In general, consumption recorded a strong expansion. Soybean oil consumption peaked in 2022 and is likely to see gradual growth in the near future.

Soybean Oil Production in Paraguay

In value terms, soybean oil production rose slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.1% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 152% against the previous year. Soybean oil production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Paraguay

For the fourth consecutive year, Paraguay recorded decline in shipments abroad of soybean oil, which decreased by -34% to X tons in 2022. Overall, exports, however, recorded resilient growth. The growth pace was the most rapid in 2013 with an increase of 322%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports dropped to $X in 2022. Over the period under review, exports, however, showed prominent growth. The pace of growth appeared the most rapid in 2013 when exports increased by 237% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then fell in the following year.

Exports by Country

Argentina (X tons), India (X tons) and Pakistan (X tons) were the main destinations of soybean oil exports from Paraguay, together accounting for 73% of total exports. Bangladesh, Brazil, Peru and Angola lagged somewhat behind, together accounting for a further 21%.

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 +1,442.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Paraguay were Argentina ($X), India ($X) and Pakistan ($X), with a combined 77% share of total exports. Bangladesh, Brazil, Peru and Angola lagged somewhat behind, together comprising a further 18%.

Angola, with a CAGR of +2,176.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, jumping by 30% against the previous year. Overall, the export price recorded tangible growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by 67% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in the near future.

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 Argentina ($X per ton), while the average price for exports to Brazil ($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 Angola (+47.5%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Paraguay

In 2022, approx. X tons of soybean oil were imported into Paraguay; dropping by -10.6% compared with the previous year. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 65%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, soybean oil imports reduced to $X in 2022. Overall, imports recorded a deep contraction. The pace of growth appeared the most rapid in 2020 when imports increased by 57% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of soybean oil to Paraguay, with a 71% share of total imports. Moreover, soybean oil imports from Brazil exceeded the figures recorded by the second-largest supplier, Bolivia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil stood at -9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (0.0% per year) and Argentina (-23.6% per year).

In value terms, Brazil ($X) constituted the largest supplier of soybean oil to Paraguay, comprising 74% of total imports. The second position in the ranking was taken by Bolivia ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled -10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (0.0% per year) and Argentina (-13.3% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, rising by 5.2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 60%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for Bolivia ($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 (+13.5%).

Source: IndexBox Platform