Republic of Korea: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Republic of Korea

The South Korean refined soybean oil market declined to $X in 2022, which is down by X% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Republic of Korea

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable decrease. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Republic of Korea

In 2022, shipments abroad of refined soybean oil and its fractions increased by X% to X tons, rising for the fourth consecutive year after six years of decline. Over the period under review, exports, however, showed a abrupt decrease. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a deep slump. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons), Australia (X tons) and Russia (X tons) were the main destinations of refined soybean oil exports from South Korea, together accounting for X% of total exports. China, Indonesia, the Philippines and Mongolia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced a decline.

In value terms, the largest markets for refined soybean oil exported from South Korea were Japan ($X), China ($X) and Australia ($X), together comprising X% of total exports. Russia, Indonesia, the Philippines and Mongolia lagged somewhat behind, together comprising a further X%.

Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to 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 refined soybean oil export price amounted to $X per ton, surging by X% against the previous year. In general, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by X% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per ton) and Mongolia ($X per ton), while the average price for exports to Indonesia ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Republic of Korea

In 2022, imports of refined soybean oil and its fractions into South Korea stood at X tons, picking up by X% compared with 2021 figures. Overall, imports recorded a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports showed significant growth. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of refined soybean oil imports to South Korea, with a combined X% share of total imports. Vietnam, China, Taiwan (Chinese), Thailand and Malaysia lagged somewhat behind, together comprising a further X%.

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

In value terms, Germany ($X), the United States ($X) and the Netherlands ($X) constituted the largest refined soybean oil suppliers to South Korea, together comprising X% of total imports. Vietnam, Taiwan (Chinese), China, Thailand and Malaysia lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price, however, saw a mild reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Taiwan (Chinese) ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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