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Soybean oil: top exporters and importers (2024)

In 2024, world trade in soybean oil totaled $13.3 billion (13.3 million tonnes). The top exporters were Argentina (44%), Brazil (10%) and the Netherlands (4%); the top importers were India (32%), China (5%) and Bangladesh (5%). Compared with 2019, the value rose 43%.

Summary

World trade
$13.3billion
Tonnes
13.3million tonnes
Price per tonne
$1,001
The largest flows between countries. Width: value; color: estimated transport mode.SeaAirLand

Top exporters

  1. Argentina$5.9 billion · 44.4%
    see destinations
  2. Brazil$1.3 billion · 10%
  3. Netherlands$513 million · 3.9%
    re-exports
  4. Russia$479 million · 3.6%
  5. United States$477 million · 3.6%
  6. Bolivia$417 million · 3.1%
  7. Paraguay$399 million · 3%
  8. Spain$359 million · 2.7%
  9. Turkey$351 million · 2.6%
  10. Ukraine$327 million · 2.5%
  11. Thailand$259 million · 2%
  12. South Africa$159 million · 1.2%
  13. China$156 million · 1.2%
  14. Malaysia$155 million · 1.2%
  15. Egypt$152 million · 1.2%
  16. Italy$146 million · 1.1%
  17. Canada$141 million · 1.1%
  18. Portugal$129 million · 0.97%
  19. Germany$100 million · 0.75%
  20. Mozambique$99 million · 0.75%

Top importers

  1. India$4.3 billion · 32.1%
    see sources
  2. China$699 million · 5.3%
  3. Bangladesh$630 million · 4.7%
  4. Canada$605 million · 4.6%
  5. Peru$514 million · 3.9%
  6. Morocco$494 million · 3.7%
  7. Algeria$466 million · 3.5%
  8. Colombia$299 million · 2.3%
  9. Spain$261 million · 2%
  10. United States$258 million · 1.9%
  11. South Korea$252 million · 1.9%
  12. Poland$244 million · 1.8%
  13. Zimbabwe$224 million · 1.7%
  14. Chile$211 million · 1.6%
  15. Venezuela$190 million · 1.4%
  16. United Kingdom$188 million · 1.4%
  17. Dominican Republic$180 million · 1.4%
  18. Pakistan$162 million · 1.2%
  19. Germany$161 million · 1.2%
  20. Netherlands$145 million · 1.1%
    re-exports

Trend

Who sells it

Argentina has been the top exporter since 1996

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

  • Argentina 5.9
  • Brazil 1.3
  • Netherlands 0.51
  • Russia 0.48
  • United States 0.48

Source: CEPII BACI

Show the numbers
Country19952024
Argentina0.955.9
Brazil1.11.3
Netherlands0.320.51
Russia< 0.010.48
United States0.720.48

Price

Implied price

The price per tonne rose 54% since 1995

Current US dollars per tonne: value over the weight reported by BACI.

  • 2024: $1,001

Source: CEPII BACI

Show the numbers
YearUSD per tonne
1995$648
1996$610
1997$598
1998$658
1999$484
2000$400
2001$368
2002$449
2003$557
2004$594
2005$520
2006$562
2007$758
2008$1,122
2009$820
2010$890
2011$1,189
2012$1,183
2013$1,036
2014$913
2015$750
2016$761
2017$805
2018$768
2019$704
2020$775
2021$1,149
2022$1,501
2023$1,124
2024$1,001

What it includes

  • 1507 · Soybean oil

Products in the same chapter

Sources and methodology

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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