Belgium's soybean oil export volume has experienced significant fluctuations over the past decade. From 2014 to 2023, the export volume varied, with notable increases of 113.89% in 2018 and a dip of 26.83% in 2015. By 2023, the export volume reached 78.0 thousand metric tons, marking a 4% year-on-year increase. The compound annual growth rate (CAGR) for the last five years up to 2023 stood at 0.26%, indicating modest growth.
Going forward, the forecasted data suggests a CAGR of 2.16% from 2024 to 2028, with an overall growth rate of 11.25% during those years. By 2028, the export volume is projected to reach 89.0 thousand metric tons.
Future trends to watch for include:
- Global demand shifts due to changes in dietary habits and economic growth in key trading partners.
- Potential impacts of trade policies, tariffs, and bilateral agreements.
- Technological advancements in agricultural practices and oil extraction methods.
- Environmental regulations impacting soybean farming and processing.
