South Africa: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in South Africa

The South African refined soybean oil market dropped dramatically to $X in 2022, with a decrease of -61.4% against the previous year. Overall, consumption saw a abrupt setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in South Africa

In value terms, refined soybean oil production dropped rapidly to $X in 2022 estimated in export price. Over the period under review, production saw a dramatic contraction. Refined soybean oil production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from South Africa

In 2022, the amount of refined soybean oil and its fractions exported from South Africa reduced dramatically to X tons, waning by -27.9% on 2021 figures. In general, exports showed a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 11%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined soybean oil exports fell to $X in 2022. Over the period under review, exports saw a abrupt setback. The pace of growth was the most pronounced in 2021 when exports increased by 60% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Botswana (X tons) was the main destination for refined soybean oil exports from South Africa, with a 62% share of total exports. Moreover, refined soybean oil exports to Botswana exceeded the volume sent to the second major destination, Lesotho (X tons), threefold. Democratic Republic of the Congo (X tons) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume to Botswana totaled +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (+1.8% per year) and Democratic Republic of the Congo (-2.9% per year).

In value terms, Botswana ($X) remains the key foreign market for refined soybean oil and its fractions exports from South Africa, comprising 61% of total exports. The second position in the ranking was held by Lesotho ($X), with a 19% share of total exports. It was followed by Democratic Republic of the Congo, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Botswana amounted to +35.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (+3.2% per year) and Democratic Republic of the Congo (+0.3% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, growing by 25% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +108.4% against 2016 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 44% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Zimbabwe ($X per ton), while the average price for exports to Zambia ($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 Botswana (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into South Africa

In 2022, the amount of refined soybean oil and its fractions imported into South Africa dropped notably to X tons, which is down by -61.9% against the previous year. Over the period under review, imports saw a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 81% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined soybean oil imports contracted rapidly to $X in 2022. Overall, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 95% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest refined soybean oil supplier to South Africa, accounting for a 84% share of total imports. Moreover, refined soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was held by Germany (X tons), with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume from Argentina totaled +38.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-22.6% per year) and Germany (-50.1% per year).

In value terms, Argentina ($X) constituted the largest supplier of refined soybean oil and its fractions to South Africa, comprising 85% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total imports. It was followed by Germany, with a 0.2% share.

From 2012 to 2022, the average annual growth rate of value from Argentina stood at +41.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-22.0% per year) and Germany (-45.0% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, with an increase of 28% against the previous year. Over the period under review, the import price enjoyed a mild expansion. The growth pace was the most rapid in 2021 an increase of 61%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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 Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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