Soybean Oil
U.S. Soybean Oil Exports in 2022
Total Export Value
$1.01 Billion
3-Year Average
$963.24 Million
Compound Average Growth
1% (2013-2022)
Top 10 Markets for Soybean Oil in 2022
| Market | Total Value (USD) |
|---|---|
| India | $207.63 Million |
| Canada | $158.29 Million |
| South Korea | $143.82 Million |
| Mexico | $116.52 Million |
| Guatemala | $94.8 Million |
| Venezuela | $86.06 Million |
| Dominican Republic | $58.87 Million |
| Colombia | $37.62 Million |
| Jamaica | $30.94 Million |
| Honduras | $9.49 Million |
Data and Analysis
For 2023/24, Post forecasts soybean planted area at 45.2 million hectares (ha), and production at 159 million metric tons (MMT), based on a yield of 3.52 mt per ha.
Soybean imports are increased to 98 million metric tons (MMT) and 98.5 MMT in marketing year (MY) 22/23 and MY 23/24, respectively, on rebounding soybean meal (SBM) and soybean oil demand.
On June 14, 2023, India’s Ministry of Finance issued Public Notice No. 39/2023 - Customs that reduces the import duty on refined sunflower and soybean oils.
News and Features
April 3, 2023
Export Sales to Mexico and Unknown Destinations
Private exporters reported the following sales activity: 150,000 MT of corn for delivery to Mexico during MY 2023/2024 and 20,000 MT of soybean oil for delivery to unknown destinations during MY 2022/2023.