Sudan: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Sudan

The Sudanese refined soybean oil market shrank to $X in 2022, reducing by -3.3% against the previous year. Over the period under review, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.5% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Sudan

In value terms, refined soybean oil production fell slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.2% against 2020 indices. The growth pace was the most rapid in 2015 when the production volume increased by 73% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Sudan

In 2017, refined soybean oil exports from Sudan dropped rapidly to X kg, waning by -88.1% against 2016. Overall, exports saw a sharp descent. Over the period under review, the exports hit record highs at X tons in 2016, and then plummeted in the following year.

In value terms, refined soybean oil exports shrank remarkably to $X in 2017. In general, exports showed a significant decline. Over the period under review, the exports hit record highs at $X in 2016, and then fell sharply in the following year.

Exports by Country

Australia (X kg) was the main destination for refined soybean oil exports from Sudan, with a approx. 100% share of total exports.

From 2016 to 2017, the average annual rate of growth in terms of volume to Australia was relatively modest.

In value terms, Australia ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from Sudan.

From 2016 to 2017, the average annual rate of growth in terms of value to Australia was relatively modest.

Export Prices by Country

In 2017, the average refined soybean oil export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period from 2016 to 2017, it increased at an average annual rate of +1.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Australia.

From 2016 to 2017, the rate of growth in terms of prices for the United Arab Emirates amounted to 0.0% per year.

Refined Soybean Oil Imports

Imports into Sudan

In 2022, approx. X tons of refined soybean oil and its fractions were imported into Sudan; with a decrease of -21.8% compared with 2021. Over the period under review, imports showed a significant contraction. The most prominent rate of growth was recorded in 2016 with an increase of 324% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined soybean oil imports reduced markedly to $X in 2022. In general, imports showed a abrupt slump. The pace of growth was the most pronounced in 2016 with an increase of 126%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) was the main supplier of refined soybean oil to Sudan, accounting for a 95% share of total imports. Moreover, refined soybean oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled -22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-5.4% per year) and Turkey (-58.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined soybean oil and its fractions to Sudan, comprising 97% of total imports. The second position in the ranking was taken by Belgium ($X), with a 1.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled -16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-9.5% per year) and Turkey (-59.2% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, leveling off at the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.9% 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 decreased by -21.3% against 2018 indices. The growth pace was the most rapid in 2014 when the average import price increased by 62%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Malaysia ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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