In 2023, Argentina led the global soybean oil export market with a 38.25% share, despite a 3.54% year-on-year decline. Brazil followed with 19.56%, showcasing a strong 15.7% growth. Russia saw a 4.85% increase, holding a 6.3% share. Other notable exporters included Paraguay with a slight decline (-1.98%) and Bolivia, which experienced a marginal decrease (-0.15%). Conversely, Vietnam exhibited a significant rise (+58.49%), albeit from a smaller base. Countries like China (-6.51%) and the United States (-28.98%) faced notable drops in export shares.
Future trends to watch for include the potential for further growth in exports from Brazil and Thailand, driven by increasing production capacities. Additionally, Vietnam's significant growth trajectory suggests an emerging market player. Political and economic instabilities in leading countries like Argentina could impact their export shares, while stable regions may continue to experience moderate growth.
Top countries in Soybean Oil Export Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Argentina | 38.25 | 2023 | +6.36% | -3.54% | View data |
| 2 | 2 Brazil | 19.56 | 2023 | -16.36% | +15.7% | View data |
| 3 | 3 Russia | 6.3 | 2023 | +6.62% | +4.85% | View data |
| 4 | 4 Paraguay | 5.13 | 2023 | +15.69% | -1.98% | View data |
| 5 | 5 Bolivia | 3.39 | 2023 | -7.14% | -0.15% | View data |
| 6 | 6 Ukraine | 3 | 2023 | +24.55% | +0.65% | View data |
| 7 | 7 China | 1.74 | 2023 | 0% | -6.51% | View data |
| 8 | 8 Thailand | 1.65 | 2023 | -13.64% | +17.73% | View data |
| 9 | 9 United States | 1.38 | 2023 | -7.02% | -28.98% | View data |
| 10 | 10 Canada | 1.3 | 2023 | +8.7% | -2.36% | View data |
