Soybean oil and fractions market in Uruguay

Earlier Report Observations

From 2018 to 2021, the market volume of soybean oil in Uruguay grew from 19 132 t to 23 980 t, reaching a peak. This expansion took place within a robust soybean sector, the country's primary agricultural activity, dominated by genetically modified varieties and supported by established Argentine companies.

After 2021, the domestic market volume contracted, falling to 17 872 t in 2023. This shift coincided with a surge in exports, which increased from 953 t in 2021 to 7 944 t in 2023, driven by rising global demand for vegetable oils, including soybean oil for biofuel production, which redirected supply away from local consumption.

The market structure features a single major processor, COUSA, and operates under regulations favorable to genetically modified crops. In 2024, the imposition of anti-dumping duties on soybean expeller imports from Argentina affected related trade flows, while Uruguay's policy of not applying export duties on soybeans and their derivatives maintained its export competitiveness.

Production soybean oil and fractions in Uruguay

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

Uruguay's production of soybean oil and fractions has increased for the second consecutive year. In 2020, the country produced 16 800 tons, marking a significant 20.0% rise compared to 2019. Looking at the period from 2017 to 2020, production grew by 36.6%, with an average annual growth rate of 11.0%. The lowest production level was recorded in 2018 at 12 000 tons, which saw the largest decline of 2.4% that year.

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

In value, 2017-2020, K $ US

Uruguay's production of soybean oil and fractions has increased for the third consecutive year. In 2020, the output was valued at 15 044 thousand US dollars, representing a 13.7% increase from the previous year. From 2017 to 2020, production rose by 44.4%, with an average annual growth rate of 13.0%.

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

Exports soybean oil and fractions from Uruguay

Exports in kind, t

Uruguay's exports of soybean oil and fractions have grown for the third consecutive year. In 2020, export volumes reached 478 tons, showing a strong 23.6% increase compared to 2019. Over the period from 2017 to 2020, exports surged by 221.1%, with an average annual growth rate of 47.5%.

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

From 2017 to 2020, the main buyers of soybean oil and fractions from Uruguay were Oman, accounting for 58.5% of exports in kind, Guatemala with 17.1%, and Free Zones at 13.3%. Together, these three destinations made up 88.9% of total exports in kind.

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

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

Exports in value, K $ US

Uruguay's exports of soybean oil and fractions have increased for the third consecutive year. In 2020, export value stood at 428 thousand US dollars, reflecting a substantial 17.1% rise from the prior year. Between 2017 and 2020, exports grew by 239.5%, with an average annual growth rate of 50.3%.

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

From 2017 to 2020, Oman was the largest buyer of soybean oil and fractions from Uruguay in value terms, representing 59.2% of exports, followed by Guatemala at 16.2% and Free Zones at 15.5%. Combined, these three accounted for 90.9% of total export value.

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

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

Imports soybean oil and fractions to Uruguay

Imports in kind, t

After two years of decline, Uruguay's imports of soybean oil and fractions increased in 2020. Import volume amounted to 6 099 tons, a moderate 4.1% rise year-over-year. However, over the period from 2017 to 2020, imports decreased by 34.8%, with an average annual decline of 13.3%. The lowest import level was recorded in 2019 at 5 861 tons, while the largest drop occurred in 2018 with a 22.1% decrease.

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

From 2017 to 2020, Brazil dominated Uruguay's imports of soybean oil and fractions in kind, consistently supplying 90.4% of the total volume.

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

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

Imports in value, K $ US

Following a two-year contraction, Uruguay's imports of soybean oil and fractions increased in 2020. Import value was recorded at 5 355 thousand US dollars, up by 3.9% year-over-year. However, between 2017 and 2020, imports fell by 39.7%, equating to an average annual decline of 15.5%. The lowest value was in 2019 at 5 153 thousand US dollars, with the largest decrease of 24.1% occurring in 2018.

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

From 2017 to 2020, Brazil was the nearly exclusive supplier of soybean oil and fractions to Uruguay, accounting for 91.4% of total imports in value terms.

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

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