In 2023, the import value of soybean oil to South Africa stood at 97.384 million US dollars. From 2013 to 2023, a declining trend is observed with notable fluctuations. Noteworthy year-on-year variation over the last two years showed a decrease of -4.26% in 2022 and -4.36% in 2023. The average compound annual growth rate (CAGR) over the last five years was -1.91%.
Looking forward, forecast data indicates a continued decline in imports, reaching 74.214 million US dollars by 2028. The forecasted 5-year CAGR from 2024 to 2028 is projected at -4.31%, with an overall growth rate of -19.78%.
Future trends to watch for include potential shifts in domestic soybean oil production, changes in trade policies, global market conditions influencing commodity prices, and shifts in consumer demand for alternative cooking oils.
