Singapore: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Singapore

The Singaporean refined soybean oil market skyrocketed to $X in 2022, surging by 17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a pronounced slump. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Singapore

In 2022, overseas shipments of refined soybean oil and its fractions increased by 17% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, saw a abrupt decline. 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, continue to indicate a deep setback. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Fiji (X tons), Indonesia (X tons) and Kuwait (X tons) were the main destinations of refined soybean oil exports from Singapore, together comprising 78% of total exports. The Philippines, Ethiopia, Papua New Guinea and Australia lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ethiopia (with a CAGR of +9.0%), while the other leaders experienced a decline.

In value terms, Fiji ($X), Indonesia ($X) and Kuwait ($X) were the largest markets for refined soybean oil exported from Singapore worldwide, together accounting for 77% of total exports. The Philippines, Ethiopia, Papua New Guinea and Australia lagged somewhat behind, together comprising a further 17%.

Among the main countries of destination, Ethiopia, with a CAGR of +12.4%, 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, growing by 28% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.1% 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 +82.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 29%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Ethiopia ($X per ton), while the average price for exports to Fiji ($X per ton) and the Philippines ($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 Papua New Guinea (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Singapore

In 2022, the amount of refined soybean oil and its fractions imported into Singapore stood at X tons, almost unchanged from 2021 figures. Over the period under review, imports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2019 with an increase of 8.6%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports soared to $X in 2022. In general, imports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 59% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined soybean oil supplier to Singapore, accounting for a 67% share of total imports. Moreover, refined soybean oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Italy (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-9.8% per year) and Italy (+70.7% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined soybean oil and its fractions to Singapore, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-9.5% per year) and Italy (+84.7% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, surging by 32% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 import price increased by +106.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 46% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for Malaysia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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