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Soya-bean oil and its fractions; whether or not refined, but not chemically modified

1507 (Harmonized System 1992 for 4-digit)

2023
World Trade $13.5BRnk 293 / 1217
2023
Top Exporter | Top Importer $4.39B | $3.59BArgentina | India
2023
Product Complexity -1.37Rnk 939 / 1044
2022 - 2023
Export Growth (CAGR) -34%Rnk 1175 / 1217
2023
Share of World Trade 0.06%Rnk 293 / 1217

About

Overview This page contains the latest trade data of Soybean Oil. In 2023, Soybean Oil were the world's 293rd most traded product, with a total trade of $13.5B. Between 2022 and 2023 the exports of Soybean Oil decreased by -34%, from $20.5B to $13.5B. Trade in Soybean Oil represent 0.06% of total world trade.

Soybean Oil are a part of Animal or vegetable fats, oils, & waxes. They include Soya-bean oil crude, whether or not degummed and Refined soya-bean oil, not chemically modified.

Exports In 2023 the top exporters of Soybean Oil  were Argentina ($4.39B), Brazil ($2.6B), Netherlands ($608M), Bolivia ($555M), and Paraguay ($503M).

Imports In 2023 the top importers of Soybean Oil were India ($3.59B), China ($772M), Bangladesh ($694M), Peru ($572M), and Morocco ($568M).

Ranking Soybean Oil ranks 939th in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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The following visualization shows the latest trends on Soybean Oil. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

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* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2023)Argentina$4.39B
Top Destination (2023)India$3.59B

In 2023 Soybean Oil were the world's 293rd most traded product (out of 1,217).

In 2023, the top exporters of Soybean Oil were Argentina ($4.39B), Brazil ($2.6B), Netherlands ($608M), Bolivia ($555M), and Paraguay ($503M).

In 2023, the top importers of Soybean Oil were India ($3.59B), China ($772M), Bangladesh ($694M), Peru ($572M), and Morocco ($568M).

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Exporters of Soybean Oil (2023)
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Importers of Soybean Oil (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Iraq$116M
Top Destination Growth (2022 -  2023)China$211M

Between 2022 and 2023, the exports of Soybean Oil grew the fastest in Iraq ($116M), Thailand ($61.3M), Mexico ($19.9M), Romania ($16.9M), and Togo ($16.3M).

Between 2022 and 2023, the fastest growing importers of Soybean Oil were China ($211M), Italy ($84.6M), Canada ($83.9M), Nigeria ($45.3M), and Mauritania ($45M).

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Exporters of Soybean Oil (2022 - 2023)

Importers of Soybean Oil (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Soybean Oil.

In 2023, market concentration measured using Shannon Entropy, was 3.89. This means that most of the exports of Soybean Oil are explained by 14 countries.

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Value of Exports in Soybean Oil

Net Trade

TOP NET EXPORTER (2023)Argentina$4.3B
TOP NET IMPORTER (2023)India$3.56B

This map shows which countries export or import more of Soybean Oil. Each country is colored based on the difference in exports and imports of Soybean Oil during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Soybean Oil were Argentina ($4.3B), Brazil ($2.58B), Bolivia ($553M), Paraguay ($502M), and Russia ($477M).

In 2023, the countries that had a largest trade value in imports than in exports of Soybean Oil were India ($3.56B), Bangladesh ($694M), China ($599M), Peru ($571M), and Morocco ($554M).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Soybean Oil, disaggragated by their HS6 level were Soya-bean oil crude, whether or not... ($10.4B) and Refined soya-bean oil, not chemically modified ($3.14B)

HS6 Disaggregation for Soybean Oil (2023)
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Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Soybean Oil.
It is possible to select the main countries that export or import Soybean Oil in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Soybean Oil by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALChina+ $50.7M
TOP IMPORT POTENTIALBolivia+ $867k

Soybean Oil’s highest export potential is China. With an export gap of $50.7M.  Soybean Oil’s highest import potential is Bolivia with an import gap of $867k.

See methodology.

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Product Complexity

Diversification Frontier

Specialization

The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.

Relatedness vs Country Complexity (2023)

Related Products

This visualization shows products that are likely to be exported by countries that export Soybean Oil.

Country by Relatedness

The following visualization shows the relatedness of Soybean Oil to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relative Relatedness by Country (2023)

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