United Arab Emirates: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the United Arab Emirates

The refined soybean oil market in the United Arab Emirates shrank markedly to $X in 2022, dropping by -24.1% against the previous year. Overall, consumption recorded a noticeable decline. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in the United Arab Emirates

In value terms, refined soybean oil production shrank to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable slump. The pace of growth was the most pronounced in 2017 with an increase of 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports from the United Arab Emirates

After four years of growth, shipments abroad of refined soybean oil and its fractions decreased by -3.4% to X tons in 2022. The total export volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 44%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, refined soybean oil exports fell to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 36% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Bahrain (X tons) was the main destination for refined soybean oil exports from the United Arab Emirates, accounting for a 94% share of total exports. Moreover, refined soybean oil exports to Bahrain exceeded the volume sent to the second major destination, Jordan (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Bahrain amounted to +29.4%.

In value terms, Bahrain ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from the United Arab Emirates, comprising 95% of total exports. The second position in the ranking was held by Jordan ($X), with a 4.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bahrain stood at +23.8%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, which is down by -10.1% against the previous year. Overall, the export price continues to indicate a pronounced shrinkage. The growth pace was the most rapid in 2016 an increase of 35%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Jordan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (-0.7%), while the prices for the other major destinations experienced a decline.

Refined Soybean Oil Imports

Imports into the United Arab Emirates

Refined soybean oil imports into the United Arab Emirates fell rapidly to X tons in 2022, which is down by -24.2% against the previous year's figure. In general, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 497%. Imports peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, refined soybean oil imports reduced dramatically to $X in 2022. Over the period under review, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 350% against the previous year. Imports peaked at $X in 2021, and then fell sharply in the following year.

Imports by Country

Canada (X tons), the United States (X tons) and China (X tons) were the main suppliers of refined soybean oil imports to the United Arab Emirates, together comprising 54% of total imports. Germany, Turkey, Ukraine and Egypt lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +243.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of refined soybean oil and its fractions to the United Arab Emirates, comprising 30% of total imports. The second position in the ranking was held by Canada ($X), with a 15% share of total imports. It was followed by China, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+56.8% per year) and China (0.0% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, shrinking by -9.9% against the previous year. In general, the import price continues to indicate a pronounced setback. The pace of growth was the most pronounced in 2021 an increase of 41% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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