Russian Federation: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the Russian Federation

The Russian refined soybean oil market dropped rapidly to $X in 2022, shrinking by -51.9% against the previous year. In general, consumption continues to indicate a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in the Russian Federation

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. In general, production showed a slight slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by 45% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from the Russian Federation

Refined soybean oil exports from Russia expanded sharply to X tons in 2022, surging by 6.6% on the previous year. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 2,265%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports dropped to $X in 2022. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2020 with an increase of 1,517% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped in the following year.

Exports by Country

China (X tons) was the main destination for refined soybean oil exports from Russia, with a 46% share of total exports. Moreover, refined soybean oil exports to China exceeded the volume sent to the second major destination, Lithuania (X tons), fourfold. Jordan (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +55.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+35.4% per year) and Jordan (+21.3% per year).

In value terms, China ($X) remains the key foreign market for refined soybean oil and its fractions exports from Russia, comprising 44% of total exports. The second position in the ranking was held by Lithuania ($X), with an 11% share of total exports. It was followed by Jordan, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +53.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+33.2% per year) and Jordan (+22.0% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, declining by -14.2% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 40%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Georgia ($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 France (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into the Russian Federation

In 2022, after three years of growth, there was significant decline in purchases abroad of refined soybean oil and its fractions, when their volume decreased by -10.4% to X tons. Over the period under review, imports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 280%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports shrank notably to $X in 2022. Overall, imports showed a pronounced decrease. The most prominent rate of growth was recorded in 2020 with an increase of 227% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Belarus (X tons) constituted the largest refined soybean oil supplier to Russia, with a 78% share of total imports. Moreover, refined soybean oil imports from Belarus exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume from Belarus stood at +318.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-11.0% per year) and the Netherlands (-19.7% per year).

In value terms, Belarus ($X) constituted the largest supplier of refined soybean oil and its fractions to Russia, comprising 76% of total imports. The second position in the ranking was held by South Korea ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Belarus stood at +261.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-9.0% per year) and the Netherlands (-19.3% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with a decrease of -12.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 38% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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