Singapore: Soya Bean Market 2025

Soya Bean Market Size in Singapore

In 2021, the Singaporean soya bean market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, continues to indicate a deep contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Soya Bean Exports

Exports from Singapore

After six years of growth, shipments abroad of soya beans decreased by -43.6% to X tons in 2021. Over the period under review, exports, however, continue to indicate a moderate increase. The pace of growth appeared the most rapid in 2020 when exports increased by 137%. As a result, the exports reached the peak of X tons, and then fell rapidly in the following year.

In value terms, soya bean exports declined rapidly to $X in 2021. In general, exports, however, posted a resilient expansion. The growth pace was the most rapid in 2020 when exports increased by 140%. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

India (X tons) was the main destination for soya bean exports from Singapore, accounting for a 81% share of total exports. Moreover, soya bean exports to India exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. The Philippines (X tons) ranked third in terms of total exports with a 0.1% share.

From 2012 to 2021, the average annual growth rate of volume to India totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+89.0% per year) and the Philippines (-43.3% per year).

In value terms, India ($X) remains the key foreign market for soya bean exports from Singapore, comprising 85% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports. It was followed by the Philippines, with a 0.1% share.

From 2012 to 2021, the average annual growth rate of value to India totaled +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+88.8% per year) and the Philippines (-40.5% per year).

Export Prices by Country

In 2021, the average soya bean export price amounted to $X per ton, with an increase of 28% against the previous year. Over the period under review, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soya bean export price increased by +29.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 46%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Israel ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+19.5%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Singapore

In 2021, the amount of soya beans imported into Singapore was estimated at X tons, picking up by 4.9% against the previous year. In general, imports, however, continue to indicate a abrupt decrease. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, soya bean imports skyrocketed to $X in 2021. Overall, imports, however, saw a abrupt curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Canada (X tons) constituted the largest soya bean supplier to Singapore, with a 78% share of total imports. Moreover, soya bean imports from Canada exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume from Canada stood at -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.5% per year) and the United States (-11.8% per year).

In value terms, Canada ($X) constituted the largest supplier of soya bean to Singapore, comprising 74% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Canada stood at -6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+8.3% per year) and the United States (-10.9% per year).

Import Prices by Country

The average soya bean import price stood at $X per ton in 2021, jumping by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Malaysia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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