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2023
Exports $172MWorld Rnk 15 / 137
Flag Rnk 787 / 1215
2023
Destination $41.3M North Korea
2022 - 2023
FASTEST GROWING MARKET $41.3MNorth Korea
2023
PRODUCT COMPLEXITY IN Soybean Oil-0.85Rnk 795 / 1025
2023
Imports $772MWorld Rnk 2 / 212
Flag Rnk 262 / 1214
2023
Origin $137M Argentina
2022 - 2023
FASTEST GROWING ORIGIN $137MArgentina
2023
ECONOMIC COMPLEXITY of China1.16Rnk 21 / 132

About

Exports In 2023, China exported $172M in Soybean Oil, making it the 15th largest exporter of Soybean Oil in the world. At the same year, Soybean Oil was the 787th most exported product in China. The main destination of Soybean Oil exports from China are: North Korea ($90M), Hong Kong ($39.8M), South Korea ($20M), Malaysia ($8.2M), and Macau ($5.75M).

The fastest growing export markets for Soybean Oil of China between 2022 and 2023 were North Korea ($41.3M), South Korea ($11.8M), and Macau ($2.26M).

Imports In 2023, China imported $772M in Soybean Oil, becoming the 2nd largest importer of Soybean Oil in the world. At the same year, Soybean Oil was the 262nd most imported product in China. China imports Soybean Oil primarily from: Argentina ($304M), Brazil ($245M), Russia ($147M), Colombia ($56.2M), and Belarus ($7.22M).

The fastest growing import markets in Soybean Oil for China between 2022 and 2023 were Argentina ($137M), Russia ($55.7M), and Brazil ($11.2M).

COMPANIES In 2024, leading companies such as CrimsonLogic (114) and Wismettac Asian Foods (11) were at the forefront of shipping Soybean Oil from China to the United States.

Latest Trends

December 2024

About

Overview In December 2024 China's Soybean Oil exports accounted up to $38.2M and imports accounted up to $7.65M, resulting in a positive trade balance of $30.5M. Between December 2023 and December 2024 the exports of China's   Soybean Oil have increased by $16.8M (78.6%) from $21.4M to $38.2M, while imports decreased by $-53M (-87.4%) from $60.7M to $7.65M.

Destinations In December 2024, Soybean Oil were exported mostly to North Korea ($18.7M), South Korea ($7.65M), Hong Kong ($3.95M), Vietnam ($2.92M), and Malaysia ($2.59M), and were imported mostly from Russia ($7.1M), Kazakhstan ($538k), South Korea ($2.42k), United Kingdom ($2.22k), and France ($40).

Growth In December 2024, the increase in Soybean Oil's year-by-year exports was explained primarily by an increase in exports to Macau ($112k or 32.6%), Singapore ($55.9k or 68.3%), and Australia ($18.7k or 43.9%). In December 2024, the decrease in Soybean Oil's year-by-year imports was explained primarily by a decrease in imports from .

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$16.8M(78.6%)
IMPORT GROWTH (December 2023 - December 2024)$-53M(-87.4%)
MAIN EXPORTER (December 2024)Liaoning Province$15.1M
MAIN DESTINATION (December 2024)North Korea$18.7M

This section shows Soybean Oil's exports and imports data at subnational level for China. 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 (2023)$172M
IMPORTS (2023)$772M
NET TRADE (2023)-$599M

In 2023, China exported $172M in Soybean Oil. The main destinations of China exports on Soybean Oil were North Korea ($90M), Hong Kong ($39.8M), South Korea ($20M), Malaysia ($8.2M), and Macau ($5.75M).

In 2023, China imported $772M in Soybean Oil, mainly from Argentina ($304M), Brazil ($245M), Russia ($147M), Colombia ($56.2M), and Belarus ($7.22M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Soybean Oil EXPORT MARKETS FOR China WERE (2022 - 2023):
North Korea$41.3M (84.6%)
South Korea$11.8M (146%)
Macau$2.26M (64.5%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybean Oil BY China WERE (2022 - 2023):
Malaysia-$40.2M (-83.1%)
Hong Kong-$18.3M (-31.5%)
Philippines-$2.36M (-99.7%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, China's main exporting competitors in Soybean Oil were:
Argentina $4.39B
Brazil $2.6B
Netherlands $608M
In 2023, China's main importing competitors in Soybean Oil were:
India $3.59B
Bangladesh $694M

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Trade Value of Soybean Oil by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALSouth Korea+ $6.35M
TOP IMPORT POTENTIALArgentina+ $50.7M

Soybean Oil’s highest export potential is South Korea. With an export gap of $6.35M.   Soybean Oil’s highest import potential is Argentina with an import gap of $50.7M.

See methodology.

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