Republic of Korea: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Republic of Korea

In 2022, the South Korean refined soybean oil market increased by 21% to $X, rising for the second year in a row after four years of decline. Overall, consumption saw a deep setback. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Republic of Korea

In value terms, refined soybean oil production fell dramatically to $X in 2022 estimated in export price. Overall, production recorded a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of 55% against the previous year. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Republic of Korea

In 2022, overseas shipments of refined soybean oil and its fractions increased by 11% to X tons, rising for the fourth year in a row after six years of decline. Over the period under review, exports, however, faced a deep slump. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. In general, exports, however, saw a deep slump. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons), Australia (X tons) and Russia (X tons) were the main destinations of refined soybean oil exports from South Korea, together comprising 51% of total exports. China, Indonesia, the Philippines and Mongolia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +16.6%), while shipments for the other leaders experienced a decline.

In value terms, Japan ($X), China ($X) and Australia ($X) appeared to be the largest markets for refined soybean oil exported from South Korea worldwide, with a combined 52% share of total exports. Russia, Indonesia, the Philippines and Mongolia lagged somewhat behind, together accounting for a further 33%.

In terms of the main countries of destination, Indonesia, with a CAGR of +15.3%, 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 a decline.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, jumping by 23% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +95.8% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Mongolia ($X per ton), while the average price for exports to Indonesia ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Republic of Korea

In 2022, approx. X tons of refined soybean oil and its fractions were imported into South Korea; increasing by 8.1% against 2021. Overall, imports saw a significant expansion. The growth pace was the most rapid in 2020 with an increase of 205%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a significant increase. The growth pace was the most rapid in 2020 when imports increased by 95% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of refined soybean oil imports to South Korea, together comprising 59% of total imports. Vietnam, China, Taiwan (Chinese), Thailand, Malaysia and Russia lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +162.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and the Netherlands ($X) constituted the largest refined soybean oil suppliers to South Korea, together comprising 50% of total imports. Vietnam, Taiwan (Chinese), China, Thailand, Malaysia and Russia lagged somewhat behind, together comprising a further 47%.

In terms of the main suppliers, Vietnam, with a CAGR of +167.5%, saw the highest rates of growth with regard to 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 average refined soybean oil import price amounted to $X per ton, increasing by 49% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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