2022
Exports
$5.78MWorld Rnk 56 / 135
Flag Rnk 809 / 1204
2022
PRODUCT COMPLEXITY IN Soybean Oil
-0.93Rnk 821 / 1025
2022
Imports
$558MWorld Rnk 7 / 215
Flag Rnk 176 / 1213
2022
ECONOMIC COMPLEXITY of South Korea
1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $5.78M in Soybean Oil, making it the 56th largest exporter of Soybean Oil in the world. At the same year, Soybean Oil was the 809th most exported product in South Korea. The main destination of Soybean Oil exports from South Korea are: Japan ($1.24M), China ($880k), Australia ($874k), Russia ($640k), and Indonesia ($590k).

The fastest growing export markets for Soybean Oil of South Korea between 2021 and 2022 were Japan ($372k), Philippines ($313k), and China ($226k).

Imports In 2022, South Korea imported $558M in Soybean Oil, becoming the 7th largest importer of Soybean Oil in the world. At the same year, Soybean Oil was the 176th most imported product in South Korea. South Korea imports Soybean Oil primarily from: Argentina ($233M), United States ($158M), Vietnam ($80.6M), Brazil ($43.5M), and Chinese Taipei ($11.3M).

The fastest growing import markets in Soybean Oil for South Korea between 2021 and 2022 were Argentina ($59.4M), Brazil ($39.5M), and Chinese Taipei ($11.2M).

COMPANIES In 2023, leading companies such as Wismettac Asian Foods (1) were at the forefront of shipping Soybean Oil from South Korea to the United States.

Latest Trends

November 2024

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$84k(31.1%)
IMPORT GROWTH (November 2023 - November 2024)$-9.91M(-31.6%)
MAIN DESTINATION (November 2024)Philippines$93k

This section shows Soybean Oil's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Soybean Oil over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$5.78M
IMPORTS (2022)$558M
NET TRADE (2022)-$553M

In 2022, South Korea exported $5.78M in Soybean Oil. The main destinations of South Korea exports on Soybean Oil were Japan ($1.24M), China ($880k), Australia ($874k), Russia ($640k), and Indonesia ($590k).

In 2022, South Korea imported $558M in Soybean Oil, mainly from Argentina ($233M), United States ($158M), Vietnam ($80.6M), Brazil ($43.5M), and Chinese Taipei ($11.3M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soybean Oil EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Japan$372k (43.1%)
Philippines$313k (1.31k%)
China$226k (34.6%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybean Oil BY South Korea WERE (2021 - 2022):
Egypt-$114k (-100%)
Russia-$36.8k (-5.43%)
Hong Kong-$9.39k (-81.3%)

Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Soybean Oil were:
In 2022, South Korea's main importing competitors in Soybean Oil were:

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Trade Value of Soybean Oil by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $970k
TOP IMPORT POTENTIALBrazil+ $19.8M

Soybean Oil’s highest export potential is China. With an export gap of $970k.   Soybean Oil’s highest import potential is Brazil with an import gap of $19.8M.

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