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Who buys Argentina’s soybean oil? Export destinations 2024

In 2024, Argentina exported $5.9 billion of soybean oil (6 million tonnes), 44.4% of the world total. Its main destinations were India (49%), Canada (9%) and Bangladesh (7%). Argentina was the world’s largest exporter of soybean oil.

Summary

Value
$5.9billion
Tonnes
6million tonnes
Share of world total
44.4%
World rank
1st
Routes to the main destinations. Width: value; color: estimated transport mode.SeaAirLand

Destinations

The 20 main destinations in the latest year.

PartnerValue (USD billions)TonnesUSD per tonneShareMode
India2.9Tonnes: 3,111,672USD per tonne: $92348.6%Sea
Canada0.52Tonnes: 405,320USD per tonne: $1,2758.8%Sea
Bangladesh0.42Tonnes: 441,234USD per tonne: $9517.1%Sea
China0.42Tonnes: 447,373USD per tonne: $9327.1%Sea
Peru0.31Tonnes: 309,102USD per tonne: $9995.2%Sea
Chile0.19Tonnes: 155,133USD per tonne: $1,2313.2%Land
Pakistan0.14Tonnes: 144,617USD per tonne: $9792.4%Sea
Spain0.14Tonnes: 135,222USD per tonne: $1,0402.4%Sea
Dominican Republic0.13Tonnes: 133,000USD per tonne: $9482.1%Sea
Mozambique0.11Tonnes: 111,023USD per tonne: $1,0221.9%Sea
South Korea0.08Tonnes: 126,148USD per tonne: $6721.4%Sea
Guatemala0.08Tonnes: 72,563USD per tonne: $1,1141.4%Sea
United States0.07Tonnes: 66,884USD per tonne: $1,1061.3%Sea
Morocco0.06Tonnes: 61,030USD per tonne: $9791%Sea
Zimbabwe0.04Tonnes: 36,664USD per tonne: $1,1920.74%Sea
Madagascar0.04Tonnes: 29,160USD per tonne: $1,4970.74%Sea
Zambia0.04Tonnes: 29,989USD per tonne: $1,3550.69%Sea
Malaysia0.03Tonnes: 31,136USD per tonne: $9860.52%Sea
Panama0.03Tonnes: 23,303USD per tonne: $1,2310.49%Sea
Colombia0.03Tonnes: 28,058USD per tonne: $9820.47%Sea

Trend

Who it sells to

India has been its main destination since 2010

Value in USD billions. The five largest destinations in 2024.

  • India 2.9
  • Canada 0.52
  • Bangladesh 0.42
  • China 0.42
  • Peru 0.31

Source: CEPII BACI

Show the numbers
Partner19952024
India0.032.9
Canada00.52
Bangladesh0.080.42
China0.030.42
Peru0.030.31

Sources and methodology

Other products of this country

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), which reconciles what exporters and importers report: countries that stopped reporting (Russia since 2022) appear with their partners’ data. FOB values in current US dollars; tonnes when BACI reports them. The price per tonne is the value of the rows with a weight divided by that weight. The transport mode is our own estimate based on value per kilo and geography. Data up to 2024.

Hong Kong, Singapore, the Netherlands and Belgium re-export goods from other countries: their figures include transit.

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