Report Update: Apr 1, 2024

Hong Kong SAR, China - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Soybean Oil Price in Hong Kong SAR - 2023

Soybean Oil Price in Hong Kong SAR (CIF) - 2023

In August 2023, the average soybean oil import price amounted to $1,114 per ton, dropping by -6.4% against the previous month. Over the period under review, the import price recorded a noticeable decline. As a result, import price reached the peak level of $1,902 per ton. From September 2022 to August 2023, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In August 2023, the countries with the highest prices were Malaysia ($1,235 per ton) and Taiwan (Chinese) ($1,193 per ton), while the price for China ($1,044 per ton) and Thailand ($1,186 per ton) were amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Argentina (0.0%), while the prices for the other major suppliers experienced a decline.

Soybean Oil Price in Hong Kong SAR (FOB) - 2023

The average soybean oil export price stood at $1,570 per ton in August 2023, increasing by 3.5% against the previous month. Over the period under review, the export price, however, showed a mild slump. The most prominent rate of growth was recorded in September 2022 when the average export price increased by 5.1% month-to-month. Over the period under review, the average export prices reached the maximum at $1,993 per ton in October 2022; however, from November 2022 to August 2023, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In August 2023, the countries with the highest prices were Northern Mariana Islands ($2,015 per ton) and China ($1,934 per ton), while the average price for exports to Macao SAR ($1,476 per ton) and Guam ($1,889 per ton) were amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to Northern Mariana Islands (-0.1%), while the prices for the other major destinations experienced a decline.

Soybean Oil Imports in Hong Kong SAR

In 2022, the amount of soybean oil imported into Hong Kong SAR contracted modestly to 55K tons, which is down by -3.3% compared with 2021. In general, imports continue to indicate a noticeable setback. The pace of growth appeared the most rapid in 2021 when imports increased by 64%.

In value terms, soybean oil imports soared to $89M in 2022. Over the period under review, imports, however, showed significant growth. The pace of growth was the most pronounced in 2021 with an increase of 148%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Import of Soybean Oil in Hong Kong SAR (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	40.4	18.8	33.9	60.1	14.2%
Thailand	0.3	5.4	18.9	17.9	290.8%
Taiwan (Chinese)	N/A	N/A	6.9	5.1	-26.1%
United States	0.5	0.3	6.7	4.2	103.3%
Argentina	3.7	2.2	4.5	N/A	10.3%
Brazil	1.7	0.5	0.7	N/A	-35.8%
Others	1.8	3.0	3.4	1.4	-8.0%
Total	48.5	30.2	75.0	88.7	22.3%

Top Suppliers of Soybean Oil to Hong Kong SAR in 2022:

China (37.9K tons)
Thailand (10.2K tons)
Taiwan (Chinese) (3.4K tons)
United States (2.6K tons)

Soybean Oil Exports in Hong Kong SAR

In 2022, the amount of soybean oil exported from Hong Kong SAR dropped dramatically to 5.1K tons, which is down by -16.5% compared with the previous year's figure. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 19%.

In value terms, soybean oil exports stood at $9.5M in 2022. In general, total exports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +9.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 72%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Export of Soybean Oil in Hong Kong SAR (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Macao SAR	6.9	4.8	8.9	8.6	7.6%
Guam	N/A	N/A	0.2	0.3	50.0%
China	0.3	0.7	0.3	0.3	0.0%
Northern Mariana Islands	N/A	N/A	0.1	0.2	100.0%
Others	N/A	N/A	N/A	N/A	0%
Total	7.3	5.5	9.4	9.5	9.2%

Top Export Markets for Soybean Oil from Hong Kong SAR in 2022:

Macao SAR (4.7K tons)
Guam (0.1K tons)
China (0.1K tons)
Northern Mariana Islands (0.1K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the soybean oil market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 237 - Oil of Soybeans

Country coverage:

Hong Kong SAR

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Hong Kong SAR, China
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023