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2022
Exports $1.06BWorld Rnk 3 / 135
Flag Rnk 245 / 1217
2022
Destination $121M India
2021 - 2022
FASTEST GROWING MARKET $121MIndia
2022
PRODUCT COMPLEXITY IN Soybean Oil-0.93Rnk 821 / 1025
2022
Imports $199MWorld Rnk 23 / 215
Flag Rnk 756 / 1216
2022
Origin $11.5M Canada
2021 - 2022
FASTEST GROWING ORIGIN $11.5MParaguay
2022
ECONOMIC COMPLEXITY of United States1.47Rnk 10 / 133

About

Exports In 2022, United States exported $1.06B in Soybean Oil, making it the 3rd largest exporter of Soybean Oil in the world. At the same year, Soybean Oil was the 245th most exported product in United States. The main destination of Soybean Oil exports from United States are: India ($214M), South Korea ($158M), Canada ($157M), Mexico ($104M), and Guatemala ($97.4M).

The fastest growing export markets for Soybean Oil of United States between 2021 and 2022 were India ($121M), Canada ($98.8M), and Venezuela ($33M).

Imports In 2022, United States imported $199M in Soybean Oil, becoming the 23rd largest importer of Soybean Oil in the world. At the same year, Soybean Oil was the 756th most imported product in United States. United States imports Soybean Oil primarily from: Canada ($181M), Paraguay ($11.5M), Dominican Republic ($2.15M), Mexico ($1.86M), and Argentina ($934k).

The fastest growing import markets in Soybean Oil for United States between 2021 and 2022 were Paraguay ($11.5M), Dominican Republic ($1.9M), and Argentina ($427k).

COMPANIES In 2023, leading companies such as WISMETTAC ASIAN FOODS,INC. (38), ROTHFOS CORPORATION (4), and GLOBAL ETRADE SERVICES INC (4) were at the forefront of shipping Soybean Oil to the United States.

Latest Trends

February 2024

About

Overview In February 2024 United States' Soybean Oil exports accounted up to $10.2M and imports accounted up to $18.8M, resulting in a negative trade balance of $8.63M. Between February 2023 and February 2024 the exports of United States'   Soybean Oil have decreased by $-8.8M (-46.3%) from $19M to $10.2M, while imports decreased by $-763k (-3.9%) from $19.6M to $18.8M.

Destinations In February 2024, Soybean Oil were exported mostly to Canada ($5.07M), Mexico ($2.81M), Bahamas ($360k), Saudi Arabia ($284k), and Panama ($215k), and were imported mostly from Canada ($13.3M), Mexico ($5.31M), Togo ($84k), Argentina ($77.1k), and Netherlands ($34.4k).

Growth In February 2024, the decrease in Soybean Oil's year-by-year exports was explained primarily by a decrease in exports to Mexico ($-24M or -90.1%), Guatemala ($-23.7M or -99.9%), and Dominican Republic ($-18.7M or -99.1%). In February 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 (February 2023 - February 2024)$-8.8M(-46.3%)
IMPORT GROWTH (February 2023 - February 2024)$-763k(-3.9%)
MAIN EXPORTER (February 2024)South Dakota$2.76M
MAIN DESTINATION (February 2024)Canada$5.07M

This section shows Soybean Oil's exports and imports data at subnational level for United States. 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)$1.06B
IMPORTS (2022)$199M
NET TRADE (2022)$860M

In 2022, United States exported $1.06B in Soybean Oil. The main destinations of United States exports on Soybean Oil were India ($214M), South Korea ($158M), Canada ($157M), Mexico ($104M), and Guatemala ($97.4M).

In 2022, United States imported $199M in Soybean Oil, mainly from Canada ($181M), Paraguay ($11.5M), Dominican Republic ($2.15M), Mexico ($1.86M), and Argentina ($934k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soybean Oil EXPORT MARKETS FOR United States WERE (2021 - 2022):
India$121M (131%)
Canada$98.8M (169%)
Venezuela$33M (62.2%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybean Oil BY United States WERE (2021 - 2022):
South Korea-$50.9M (-24.4%)
Peru-$40.5M (-99.7%)
Algeria-$29.5M (-100%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, United States's main exporting competitors in Soybean Oil were:
Argentina $6.79B
Brazil $3.99B
In 2022, United States's main importing competitors in Soybean Oil were:
India $6.49B
Bangladesh $948M
Morocco $775M

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Trade Value of Soybean Oil by Exporters

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