The global soybean oil import landscape in 2023 was dominated by India, which imported over double the amount of the second-largest importer, Bangladesh. Other significant importers include Algeria, Morocco, and Peru. A notable fact is China, traditionally a large importer, imported less compared to previous years. Year-on-year trends show India experiencing a slight increase, while countries like Venezuela and Iran saw declines. Over a five-year span, Brazil showed substantial growth, whereas others like Lebanon and Uruguay faced significant import reductions.
Future trends to watch include the potential for increased imports by rapidly industrializing nations, as demand for soybean oil continues to rise in sectors like food processing and biofuels. Attention should also be paid to geopolitical factors and trade policies which might impact major importers like India and Bangladesh, possibly reshaping the global distribution landscape.
Top countries in Soybean Oil Import Volume by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 3,470 | 2023 | +1.73% | +3.14% | View data |
| 2 | 2 Bangladesh | 1,070 | 2023 | +2.59% | +2.41% | View data |
| 3 | 3 Algeria | 785 | 2023 | +1.16% | +1.22% | View data |
| 4 | 4 Morocco | 551 | 2023 | +1.29% | +0.93% | View data |
| 5 | 5 Peru | 540 | 2023 | +2.08% | +1.43% | View data |
| 6 | 6 China | 393 | 2023 | 0% | 0% | View data |
| 7 | 7 Colombia | 368 | 2023 | +1.1% | +1.3% | View data |
| 8 | 8 Venezuela | 330 | 2023 | -2.65% | -4.15% | View data |
| 9 | 9 South Korea | 304 | 2023 | +0.66% | +0.88% | View data |
| 10 | 10 Iran | 202 | 2023 | -6.05% | -5.64% | View data |
