Uruguay: Soybean Oil Market 2024

Soybean Oil Market Size in Uruguay

The Uruguayan soybean oil market contracted notably to $X in 2022, dropping by -17.7% against the previous year. In general, consumption showed a deep downturn. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Soybean Oil Production in Uruguay

In value terms, soybean oil production expanded notably to $X in 2022 estimated in export price. Over the period under review, production recorded prominent growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 68%. Soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Uruguay

In 2022, the amount of soybean oil exported from Uruguay soared to X tons, picking up by 297% compared with 2021 figures. Over the period under review, exports posted a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 2,047%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports soared to $X in 2022. Overall, exports continue to indicate significant growth. The growth pace was the most rapid in 2018 with an increase of 1,738%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Peru (X tons) was the main destination for soybean oil exports from Uruguay, with a 66% share of total exports. Moreover, soybean oil exports to Peru exceeded the volume sent to the second major destination, Brazil (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+39.3% per year) and Panama (+48.1% per year).

In value terms, Peru ($X) emerged as the key foreign market for soybean oil exports from Uruguay, comprising 66% of total exports. The second position in the ranking was held by Brazil ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+47.2% per year) and Panama (+48.7% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, picking up by 16% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +87.7% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 30%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Peru ($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 India (+30.6%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Uruguay

In 2022, the amount of soybean oil imported into Uruguay contracted remarkably to X tons, waning by -35.4% on the previous year's figure. Overall, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2013 with an increase of 17%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, soybean oil imports contracted markedly to $X in 2022. In general, imports saw a abrupt decline. The pace of growth appeared the most rapid in 2021 with an increase of 55% against the previous year. 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, Brazil (X tons) was the main soybean oil supplier to Uruguay, with a 97% share of total imports. It was followed by Paraguay (X tons), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Brazil amounted to -12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (-10.1% per year) and Argentina (-42.6% per year).

In value terms, Brazil ($X) constituted the largest supplier of soybean oil to Uruguay, comprising 98% of total imports. The second position in the ranking was held by Paraguay ($X), with a 1.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil stood at -10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (-4.4% per year) and Argentina (-47.4% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, growing by 19% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +89.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 60%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+6.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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