Thailand: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Thailand

The Thai crude soybean oil market reached $X in 2022, picking up by 6.6% against the previous year. Overall, the total consumption indicated a moderate 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, consumption decreased by -5.9% against 2020 indices. Crude soybean oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in Thailand

In value terms, crude soybean oil production rose markedly to $X in 2022 estimated in export price. Over the period under review, the total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 42%. Crude soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Soybean Oil Exports

Exports from Thailand

After two years of growth, shipments abroad of crude soybean oil decreased by -4.8% to X tons in 2022. In general, exports showed a perceptible decline. The pace of growth was the most pronounced in 2017 with an increase of 186% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports soared to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 200%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Vietnam (X tons) was the main destination for crude soybean oil exports from Thailand, with a 74% share of total exports. Moreover, crude soybean oil exports to Vietnam exceeded the volume sent to the second major destination, India (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-11.8% per year) and Malaysia (-2.0% per year).

In value terms, Vietnam ($X) remains the key foreign market for crude soybean oil exports from Thailand, comprising 74% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+1.5% per year) and India (-9.5% per year).

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, growing by 22% against the previous year. Overall, the export price continues to indicate a pronounced expansion. The growth pace was the most rapid in 2021 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to India ($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 Malaysia (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Thailand

Crude soybean oil imports into Thailand contracted significantly to X kg in 2022, reducing by -99.9% against the year before. Overall, imports continue to indicate a sharp reduction. The pace of growth was the most pronounced in 2020 when imports increased by 43,563% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crude soybean oil imports fell notably to $X in 2022. Over the period under review, imports recorded a significant contraction. The pace of growth was the most pronounced in 2020 when imports increased by 45,560%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X kg) was the main supplier of crude soybean oil to Thailand, accounting for a approx. 100% share of total imports.

From 2016 to 2022, the average annual growth rate of volume from the United States was relatively modest.

In value terms, the United States ($X) constituted the largest supplier of crude soybean oil to Thailand.

From 2016 to 2022, the average annual growth rate of value from the United States was relatively modest.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, increasing by 84% against the previous year. Over the period under review, the import price recorded significant growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 521% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2016 to 2022, the rate of growth in terms of prices for Malaysia amounted to +2.8% per year.

Source: IndexBox Platform

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