Vegetable Oils (excl. soybean)
U.S. Vegetable Oils (excl. soybean) Exports in 2023
Total Export Value
$1.43 Billion
3-Year Average
$1.82 Billion
Compound Average Growth
-1.49% (2014-2023)
| Market | Total Value (USD) |
|---|---|
| Canada | $315.82 Million |
| Mexico | $277.1 Million |
| Singapore | $149.53 Million |
| European Union | $140.07 Million |
| Kuwait | $62.59 Million |
| Saudi Arabia | $47.09 Million |
| Ethiopia | $29.9 Million |
| China | $26.54 Million |
| Chile | $21.58 Million |
| Brazil | $16.8 Million |
Data and Analysis
Post revises production estimates for MY 2023/24 down to 18.8 million tons accounting for hot and dry El Niño weather effects and limitations regarding labor. Top importing countries continue to drive demand and stocks drop to 1.83 million tons for MY 2023/24.
During the past few years, the landscape for U.S. renewable diesel production has drastically changed, akin to the growth of ethanol and biodiesel during the past two decades. Driven by federal and state policies aimed at reducing emissions, this dramatic U.S. renewable diesel production and capacity growth is causing significant, market-altering shifts both domestically and to foreign feedstock trade.
Due to higher input costs associated with planting corn, rice, and other crops, soybean and peanut production is expected to increase in marketing year (MY) 2024/25. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of strong demand and high prices.
News and Features
USDA and USAID will deploy $1 billion in Commodity Credit Corporation funding to purchase U.S.-grown commodities to provide emergency food assistance to people in need throughout the world.