Vegetable Oils (excl. soybean)
U.S. Vegetable Oils (excl. soybean) Exports in 2022
Total Export Value
$1.99 Billion
Total Volume (Millions)
1 Metric Tons
3-Year Average
$1.75 Billion
Compound Average Growth
0.44% (2013-2022)
Top 10 Markets for Vegetable Oils (excl. soybean) in 2022
| Market | Total Value (USD) |
|---|---|
| Canada | $373.84 Million |
| Singapore | $333.28 Million |
| Mexico | $306.8 Million |
| European Union | $227.29 Million |
| Kuwait | $94.77 Million |
| Saudi Arabia | $64.23 Million |
| Yemen | $48.02 Million |
| Ethiopia | $38.33 Million |
| China | $31.47 Million |
| Qatar | $28.51 Million |
Data and Analysis
Post forecasts MY2023/24 palm oil production up by 20 percent over the current marketing year’s estimate. Total domestic consumption is forecast marginally up, imports are expected to drop by 14 percent due to increased domestic production, but exports are forecast significantly up compared to the current marketing year’s estimate.
Despite being one of the largest oil palm-producing countries, Nigeria relies on imports to bridge its supply gap. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of the prevailing strong domestic and international market demand and high prices.
FAS/Mexico expects slower growth in the vegetable oil and oil meal sectors in marketing year (MY) 2023/24 compared to recent years, given potential declines in consumer purchasing power, a forecast slowdown in Mexico’s economy, and persistent inflation.