Tunisia: Soybean Oil Market 2024

Soybean Oil Market Size in Tunisia

The Tunisian soybean oil market was estimated at $X in 2022, increasing by 7.5% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Soybean Oil Production in Tunisia

In value terms, soybean oil production declined modestly to $X in 2022 estimated in export price. Overall, the total production indicated a modest expansion 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, production increased by +5.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 32%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Soybean Oil Exports

Exports from Tunisia

In 2022, after five years of decline, there was significant growth in shipments abroad of soybean oil, when their volume increased by 19% to X tons. Over the period under review, exports, however, saw a dramatic contraction. The most prominent rate of growth was recorded in 2014 with an increase of 131% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports soared to $X in 2022. In general, exports, however, faced a sharp shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 97%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Algeria (X tons), Senegal (X tons) and Libya (X tons) were the main destinations of soybean oil exports from Tunisia, with a combined 88% share of total exports. Guinea, Mauritania, Lebanon and Equatorial Guinea lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of -18.6%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for soybean oil exported from Tunisia were Algeria ($X), Senegal ($X) and Libya ($X), together comprising 83% of total exports. Guinea, Equatorial Guinea, Mauritania and Lebanon lagged somewhat behind, together comprising a further 15%.

Mauritania, with a CAGR of -13.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, remaining constant against the previous year. Overall, the export price recorded a noticeable setback. The most prominent rate of growth was recorded in 2013 when the average export price increased by 20% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Equatorial Guinea ($X per ton), while the average price for exports to Algeria ($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 Mauritania (+13.3%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Tunisia

Soybean oil imports into Tunisia skyrocketed to X tons in 2022, increasing by 40% on the year before. In general, imports recorded a mild increase. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports soared to $X in 2022. Overall, imports, however, showed a pronounced downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 32%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Turkey (X tons), Argentina (X tons) and Russia (X tons) were the main suppliers of soybean oil imports to Tunisia, with a combined 62% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +35.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constituted the largest supplier of soybean oil to Tunisia, comprising 42% of total imports. The second position in the ranking was taken by Argentina ($X), with a 12% share of total imports. It was followed by Russia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Turkey stood at +41.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-12.1% per year) and Russia (+7.7% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, waning by -13.1% against the previous year. Overall, the import price continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2021 an increase of 28%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Spain ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform