Vietnam: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Vietnam

The Vietnamese refined soybean oil market rose remarkably to $X in 2023, growing by X% against the previous year. Over the period under review, consumption, however, continues to indicate a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Refined Soybean Oil Production in Vietnam

In value terms, refined soybean oil production amounted to $X in 2023 estimated in export price. Overall, production continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Refined soybean oil production peaked at $X in 2013; however, from 2014 to 2023, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Vietnam

In 2023, overseas shipments of refined soybean oil and its fractions decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. In general, exports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports fell sharply to $X in 2023. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2022 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Lao People's Democratic Republic (X tons), Cambodia (X tons) and China (X tons) were the main destinations of refined soybean oil exports from Vietnam, together accounting for X% of total exports.

From 2012 to 2023, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Lao People's Democratic Republic ($X), Cambodia ($X) and China ($X) constituted the largest markets for refined soybean oil exported from Vietnam worldwide, together comprising X% of total exports.

In terms of the main countries of destination, Lao People's Democratic Republic, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2023, dropping by X% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, refined soybean oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then contracted in the following year.

Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and Cambodia ($X per ton), while the average price for exports to China ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Vietnam

In 2023, supplies from abroad of refined soybean oil and its fractions decreased by X% to X tons for the first time since 2017, thus ending a five-year rising trend. Over the period under review, imports, however, showed a strong expansion. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2022, and then fell in the following year.

In value terms, refined soybean oil imports declined to $X in 2023. In general, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2022, and then fell in the following year.

Imports by Country

In 2023, Thailand (X tons) constituted the largest supplier of refined soybean oil to Vietnam, accounting for a X% share of total imports. Moreover, refined soybean oil imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Thailand amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and China (X% per year).

In value terms, Thailand ($X) constituted the largest supplier of refined soybean oil and its fractions to Vietnam, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual growth rate of value from Thailand totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and China (X% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2022, and then declined in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from China ($X per ton) and the Netherlands ($X per ton), while the price for Russia ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform