Price for Flours and Meals; of Soya Beans in Singapore - 2023

Price for Flours and Meals; of Soya Beans in Singapore (CIF) - 2022

In 2022, the average import price for flours and meals; of soya beanses amounted to $1,163 per ton, with an increase of 96% against the previous year. Over the period under review, the import price posted a perceptible increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($2,444 per ton), while the price for Malaysia ($730 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Flours and Meals; of Soya Beans in Singapore (FOB) - 2022

In 2022, the average export price for flours and meals; of soya beanses amounted to $776 per ton, falling by -28.1% against the previous year. Overall, the export price recorded a abrupt descent. The pace of growth was the most pronounced in 2020 when the average export price increased by 103%. As a result, the export price reached the peak level of $5,693 per ton. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($4,309 per ton), while the average price for exports to South Korea ($518 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 Indonesia (+20.9%), while the prices for the other major destinations experienced a decline.

Imports of Flours and Meals; of Soya Beans in Singapore

For the third consecutive year, Singapore recorded decline in overseas purchases of flours and meals; of soya beanses, which decreased by -79.9% to 653 tons in 2022. Overall, imports faced a dramatic decrease. The smallest decline of -8.2% was in 2020.

In value terms, imports of flours and meals; of soya beanses dropped notably to $760K in 2022. In general, imports faced a dramatic contraction. The smallest decline of -4.5% was in 2020.

Import of Flours and Meals; of Soya Beans in Singapore (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	5.0	3.4	45.6	265	275.6%
Malaysia	3,781	3,492	1,563	175	-64.1%
China	75.9	160	182	122	17.1%
India	173	124	86.0	117	-12.2%
Australia	10.7	16.8	8.3	35.2	48.7%
Others	21.4	87.2	52.9	45.7	28.8%
Total	4,067	3,883	1,937	760	-42.8%

Top Suppliers of Flours and Meals; of Soya Beans to Singapore in 2022:

United States (280.6 tons)
Malaysia (239.4 tons)
India (53.7 tons)
China (49.9 tons)
Australia (18.8 tons)

Exports of Flours and Meals; of Soya Beans in Singapore

For the fourth year in a row, Singapore recorded growth in overseas shipments of flours and meals; of soya beanses, which increased by 1,498% to 671 tons in 2022. Over the period under review, exports continue to indicate a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of flours and meals; of soya beanses skyrocketed to $521K in 2022. In general, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.