Peru: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Peru

The Peruvian crude soybean oil market contracted significantly to $X in 2022, waning by -17.2% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +26.4% against 2020 indices. As a result, consumption reached the peak level of $X, and then contracted rapidly in the following year.

Crude Soybean Oil Production in Peru

In value terms, crude soybean oil production expanded to $X in 2022 estimated in export price. Overall, production saw a prominent increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 100%. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Crude Soybean Oil Exports

Exports from Peru

In 2022, overseas shipments of crude soybean oil decreased by -27.2% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 1,002% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude soybean oil exports dropped markedly to $X in 2022. Over the period under review, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 718%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ecuador (X tons) was the main destination for crude soybean oil exports from Peru, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador amounted to +12.1%.

In value terms, Ecuador ($X) also remains the key foreign market for crude soybean oil exports from Peru.

From 2012 to 2022, the average annual growth rate of value to Ecuador amounted to +13.6%.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, increasing by 3.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 an increase of 12%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Ecuador.

From 2012 to 2022, the rate of growth in terms of prices for Guatemala amounted to +9.4% per year.

Crude Soybean Oil Imports

Imports into Peru

In 2022, the amount of crude soybean oil imported into Peru fell to X tons, which is down by -5.6% compared with the previous year's figure. Overall, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.8% 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 +6.4% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 14% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, crude soybean oil imports declined notably to $X in 2022. In general, imports, however, continue to indicate a mild increase. The growth pace was the most rapid in 2021 when imports increased by 77% against the previous year. As a result, imports attained the peak of $X, and then dropped dramatically in the following year.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of crude soybean oil to Peru, accounting for a 72% share of total imports. Moreover, crude soybean oil imports from Argentina 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 Argentina stood at +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+19.8% per year) and the United States (+4.8% per year).

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Peru, comprising 74% of total imports. The second position in the ranking was held by Bolivia ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+18.8% per year) and the United States (-1.1% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, waning by -17.2% against the previous year. Over the period under review, the import price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 57% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Bolivia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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