Soybean oil and fractions market in the Philippines

Earlier Report Observations

The market volume for soybean oil and fractions in the Philippines experienced notable shifts between 2018 and 2023. Starting at 50 947 t in 2018, it dipped to 43 179 t in 2019 before a modest recovery to 45 054 t in 2020. A period of rapid expansion followed, with volume soaring to 74 163 t in 2021 and peaking at 87 481 t in 2022, then moderating to 75 850 t in 2023.

The sharp increase from 2020 onward was driven by soybean oil's enhanced price competitiveness within the vegetable oils sector, as it overtook palm kernel oil in ranking during 2021, making it a more attractive option for consumers and industries. This was supported by regulatory streamlining; the implementation of the FDA's modified e-registration system for food imports in 2020 facilitated smoother market entry procedures for soybean oil.

Production soybean oil and fractions in the Philippines

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

After two years of decline, soybean oil and fractions production in the Philippines has rebounded. In 2020, production reached 28 253 tonnes, marking a 7.2% increase compared to the previous year. However, looking at the broader period from 2017 to 2020, overall production fell by 23.9%, with an average annual decline of 8.7%. The lowest production level was recorded in 2019 at 26 352 tonnes, which also saw the sharpest drop of 17.4% during this timeframe.

Annual dynamics of production in the Philippines in kind, 2017-2020, t

Exports soybean oil and fractions from the Philippines

Exports in kind, t

The data shows irregular fluctuations, pointing to a highly volatile market environment. Exports hit their lowest point in 2018 at 0.1 tonnes, then peaked in 2017, with a staggering 698-fold difference between these two years. In 2019, export volume rose to 0.2 tonnes, representing a significant 68.8% increase from the prior year. The largest decline occurred in 2018, plummeting by 99.9%.

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

From 2017 to 2020, Malaysia effectively monopolized the Philippines' soybean oil and fractions exports in volume terms, accounting for 99.6% of total shipments.

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

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

Exports in value, K $ US

Market behavior during these years was marked by volatility. Exports reached their lowest point in 2018 at 0.5 thousand US dollars, then peaked in 2017, with a dramatic 198-fold difference between these years. In 2019, export value surged to 11 thousand US dollars, reflecting an extraordinary year-over-year increase of 2 149.7%. The steepest decline was recorded in 2018, falling by 99.5%.

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

Throughout the 2017–2020 period, two key markets—Malaysia and Russia—dominated the Philippines' soybean oil and fractions exports in value terms, together making up 100.0% of total flows.

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

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

Imports soybean oil and fractions to the Philippines

Imports in kind, t

Soybean oil and fractions imports into the Philippines declined for the third consecutive year. In 2020, imports stood at approximately 16 801 tonnes, showing no significant change from the previous year. Over the 2017–2020 period, imports decreased by 56.2%, with an average annual decline of 24.0%.

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

From 2017 to 2020, Thailand and Malaysia clearly dominated the partner structure for imports in volume terms, while other countries collectively accounted for the remaining share.

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

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

Imports in value, K $ US

After two years of decline, soybean oil and fractions imports into the Philippines have increased. In 2020, imports reached 15 462 thousand US dollars, showing a modest 3.7% rise compared to the previous year. However, over the 2017–2020 period, imports fell by 59.8%, with an average annual decline of 26.2%. The lowest value was recorded in 2019 at 14 913 thousand US dollars, while the largest drop occurred in 2018, decreasing by 50.5%.

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

Throughout 2017–2020, the country structure of imports in value terms was primarily shaped by Thailand and Malaysia, which together accounted for 88.1% of total flows; other markets formed a long tail.

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

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