South-Eastern Asia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in South-Eastern Asia

The Southeast Asian crude soybean oil market rose sharply to $X in 2022, growing by 7.1% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 9.1%. The level of consumption peaked at $X in 2013; afterwards, it flattened through to 2022.

Crude Soybean Oil Production in South-Eastern Asia

In value terms, crude soybean oil production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2018 with an increase of 22% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of crude soybean oil decreased by -31.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 59%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports declined markedly to $X in 2022. In general, exports showed a noticeable curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 136% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) and Thailand (X tons) prevails in exports structure, together constituting 91% of total exports. It was distantly followed by Malaysia (X tons), generating a 7.1% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of -2.8%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest crude soybean oil supplying countries in South-Eastern Asia were Thailand ($X), Vietnam ($X) and Malaysia ($X), with a combined 98% share of total exports.

Among the main exporting countries, Thailand, with a CAGR of +0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, increasing by 1.9% against the previous year. Export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +76.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 70% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Crude Soybean Oil Imports

Imports in South-Eastern Asia

Crude soybean oil imports expanded remarkably to X tons in 2022, picking up by 7% against 2021. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -17.2% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 37% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports dropped to $X in 2022. Total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +42.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 40%. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) was the key importer of crude soybean oil, comprising 61% of total imports. It was distantly followed by Vietnam (X tons), constituting a 39% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Malaysia (with a CAGR of +2.7%).

In value terms, Malaysia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of imports in 2022.

Vietnam, with a CAGR of +3.2%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, shrinking by -13.1% against the previous year. Overall, the import price showed a mild setback. The most prominent rate of growth was recorded in 2021 when the import price increased by 41%. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+0.8%).

Source: IndexBox Platform

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