In 2023, India's share in global soybean oil import volume significantly led at 28.14 thousand metric tons, reflecting a year-on-year increase of 3.14%. Following India, Bangladesh and Algeria held shares of 8.69 and 6.37 thousand metric tons respectively, with notable increments of 2.41% and 1.22%. Other notable increases include Mozambique at 4.1% and Philippines at 7.28%. Conversely, Venezuela, Iran, and Italy experienced declines of -4.15%, -5.64%, and -6.73% respectively.
Future trends to watch include:
- India's continuous dominance in imports, driven by high domestic demand.
- The growth in Bangladesh might be influenced by increasing consumption and industrial uses.
- Potential decreases in imports from countries like Venezuela and Iran due to economic and political instabilities.
- Efforts in sustainability and alternative oil sources could impact overall global demand and distribution.
Top countries in Soybean Oil Import Volume Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 28.14 | 2023 | +1.73% | +3.14% | View data |
| 2 | 2 Bangladesh | 8.69 | 2023 | +2.59% | +2.41% | View data |
| 3 | 3 Algeria | 6.37 | 2023 | +1.16% | +1.22% | View data |
| 4 | 4 Morocco | 4.47 | 2023 | +1.29% | +0.93% | View data |
| 5 | 5 Peru | 4.38 | 2023 | +2.08% | +1.43% | View data |
| 6 | 6 China | 3.19 | 2023 | 0% | 0% | View data |
| 7 | 7 Colombia | 2.99 | 2023 | +1.1% | +1.3% | View data |
| 8 | 8 Venezuela | 2.68 | 2023 | -2.65% | -4.15% | View data |
| 9 | 9 South Korea | 2.47 | 2023 | +0.66% | +0.88% | View data |
| 10 | 10 Iran | 1.64 | 2023 | -6.05% | -5.64% | View data |
