Soybean oil and fractions market in Singapore

Earlier Report Observations

The market size for soybean oil in Singapore contracted from 16 817 t in 2018 to 14 182 t in 2023. This overall decline was not uniform, with the market experiencing periods of both reduction and temporary recovery across the six-year span.

A noticeable downturn occurred in 2019 and 2020, bringing the market volume down to 15 675 t. A rebound to 16 488 t followed in 2021, but this was swiftly overturned by a pronounced contraction of over 12% in 2022. The market then stabilized in 2023, registering only a marginal decrease.

Throughout this period, domestic production held steady at approximately 3 600 t per year. Consequently, the observed fluctuations in total market volume were predominantly attributable to shifts in net import levels, which trended downward.

Production soybean oil and fractions in Singapore

In kind, 2017-2020, t

Top producers of soybean oil and fractions, 2017-2020

World map of production of soybean oil and fractions, 2017-2020

In 2020, Singapore produced 3,400 tonnes of soybean oil and fractions, marking a modest decline of 5.6% compared to the previous year. Over the period from 2017 to 2020, production decreased by 5.6%, which translates to an average annual decline of 1.9%. The largest increase occurred in 2018, with no change recorded.

Annual dynamics of production in Singapore in kind, 2017-2020, t

In value, 2017-2020, K $ US

Singapore's soybean oil and fractions production declined for the second consecutive year. In 2020, the output was valued at 4,477 thousand US dollars, down by 0.6% from the previous year. The highest value was recorded in 2018 at 4,558 thousand US dollars. The largest decline took place in 2019, with a drop of 1.2%, while the largest increase was in 2018, at 0.6%.

Annual dynamics of production in Singapore in value, 2017-2020, K $ US

Exports soybean oil and fractions from Singapore

Exports in kind, t

Cross-border shipments of soybean oil and fractions from Singapore declined for the second consecutive year. In 2020, Singapore exported 3,390 tonnes, which is 13.4% lower than in 2019. Between 2017 and 2020, exports decreased by 16.9%, with a compound annual growth rate of -6.0%. The peak was in 2018 at 4,719 tonnes. The largest decline occurred in 2019, with a drop of 17.1%, while the largest increase was in 2018, at 15.7%.

Annual dynamics of product's exports from Singapore in kind, 2017-2020, t

From 2017 to 2020, Indonesia, Fiji, and Kuwait were the main markets for Singapore's soybean oil and fractions exports in kind. Indonesia accounted for 30.1% of exports, Fiji for 21.4%, and Kuwait for 20.9%, together representing 72.4% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Singapore in kind, 2017-2020

Exports in value, K $ US

Foreign supplies of soybean oil and fractions from Singapore declined for the second consecutive year. In 2020, Singapore exported 4,463 thousand US dollars worth, representing an 8.8% reduction compared to 2019. Between 2017 and 2020, exports decreased by 13.1%, equating to an annualized rate of -4.6%. The maximum value was recorded in 2018 at 5,974 thousand US dollars. The largest decline was in 2019, with a drop of 18.1%, while the largest increase was in 2018, at 16.3%.

Annual dynamics of product's exports from Singapore in value, 2017-2020, K $ US

From 2017 to 2020, Indonesia, Fiji, and Kuwait formed the main group of destinations for Singapore's soybean oil and fractions exports in value terms. Indonesia accounted for 31.8% of exports, Fiji for 19.8%, and Kuwait for 18.6%, with a combined share of 70.2% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Singapore in value, 2017-2020

Imports soybean oil and fractions to Singapore

Imports in kind, t

Soybean oil and fractions imports into Singapore declined for the third consecutive year. In 2020, imports totalled 15,665 tonnes, showing a modest reduction of 6.2% compared to the previous year. Between 2017 and 2020, imports decreased by 14.3%, equating to an annualized rate of -5.0%.

Annual dynamics of product's imports to Singapore in kind, 2017-2020, t

From 2017 to 2020, Malaysia, China, and Italy were the main sources for Singapore's soybean oil and fractions imports in kind. Malaysia accounted for 61.9% of imports, China for 17.4%, and Italy for 7.9%, together representing 87.3% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Singapore in kind, 2017-2020

Imports in value, K $ US

After a two-year decline, Singapore's soybean oil and fractions imports in value terms increased. In 2020, imports reached 16,378 thousand US dollars, remaining flat compared to 2019. Over the period from 2017 to 2020, imports decreased by 15.5%, with a compound annual growth rate of -5.5%. The lowest value was recorded in 2019 at 16,366 thousand US dollars, which also saw the largest decline of 13.1%.

Annual dynamics of product's imports to Singapore in value, 2017-2020, K $ US

From 2017 to 2020, Malaysia, China, and Italy were the principal sources for Singapore's soybean oil and fractions imports in value terms. Malaysia accounted for 57.9% of imports, China for 20.2%, and Italy for 8.4%, jointly accounting for 86.5% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Singapore in value, 2017-2020