India is the largest importer of soybean oil, representing 30.58 thousand metric tons. Notable increases in soybean oil imports were seen in Canada (45.5%), Zimbabwe (34.76%), and Chile (30.92%) from the previous year. Conversely, Argentina's imports were reduced to zero from significant levels, reflecting a notable decline. Countries such as Bangladesh, Algeria, and China also saw reductions in their imports. Iran, Egypt, and Russia experienced double-digit decreases as well. A few other countries showed moderate increases or remained relatively stable in their import volumes.
Future trends to watch include the potential rebound of countries with significant declines, the continuation of growth in emerging markets like Lebanon and Costa Rica, and the impact of geopolitical and economic changes on major importers such as India and China. Monitoring the development of new trade agreements and the global supply chain dynamics will be essential for understanding the future landscape of global soybean oil imports.
Top countries in Soybean Oil Import Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 30.58 | 2023 | -15.38% | +1.92% | View data |
| 2 | 2 Bangladesh | 6.72 | 2023 | +6.46% | -6.89% | View data |
| 3 | 3 Algeria | 5.38 | 2023 | +16% | -8.39% | View data |
| 4 | 4 Peru | 5.33 | 2023 | +9.52% | +1.3% | View data |
| 5 | 5 Morocco | 5.1 | 2023 | +4.76% | +0.52% | View data |
| 6 | 6 China | 3.71 | 2023 | +22.22% | -2.68% | View data |
| 7 | 7 South Korea | 3.24 | 2023 | -0.85% | +1.31% | View data |
| 8 | 8 Colombia | 3.24 | 2023 | +40% | +0.4% | View data |
| 9 | 9 Iran | 2.55 | 2023 | +266.67% | -4.49% | View data |
| 10 | 10 Egypt | 2.18 | 2023 | +17.5% | -2.74% | View data |