Soybean oilcake market in Uruguay

Earlier Report Observations

The market for soybean oilcake in Uruguay expanded significantly from 76 652 t in 2018 to 182 371 t in 2023, driven by rising domestic production and increasing imports. Domestic production grew from 51 400 t in 2018 to a peak of 90 400 t in 2022, supported by the expansion of soybean cultivation area and yield improvements due to foreign investment and new seed technologies. The absence of export restrictions and favorable price conditions for Uruguayan soybeans further encouraged production.

After a temporary contraction in 2019 to 52 422 t, the market rebounded strongly from 2020 onward. Exceptional prospects for soybean production and export in 2022, fueled by high international prices sustained by Chinese demand and production shortfalls in Argentina and Brazil, pushed domestic oilcake output higher. Imports of soybean oilcake surged from 48 862 t in 2021 to 97 571 t in 2023, reflecting growing regional trade flows with Bolivia and Argentina as key suppliers.

In 2024, import volumes reached 81 161 t, while soybean planted area for the season was estimated to have decreased by 18% due to climatic conditions and lower price expectations. Ongoing phytosanitary regulations and import controls continue to shape market access and supply conditions.

Production soybean oilcake in Uruguay

In kind, 2017-2020, t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Uruguay's soybean oilcake production has increased for the second consecutive year. In 2020, the country produced 72 200 tons of soybean oilcake, representing a 20.1% increase compared to 2019. Over the period from 2017 to 2020, production grew by 36.7%, with an average annual growth rate of 11.0%. The lowest production level was recorded in 2018 at 51 400 tons, which also saw the largest decline of 2.7%.

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

In value, 2017-2020, K $ US

In 2020, the output value of soybean oilcake in Uruguay reached 23 546 thousand US dollars, marking an 18.0% increase from the previous year. Between 2017 and 2020, production value rose by 20.9%, corresponding to an annualized growth rate of 6.5%. The largest decline occurred in 2019 at 13.7%, while the most significant increase was recorded in 2018 at 18.8%.

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

Exports soybean oilcake from Uruguay

Exports in kind, t

The data shows irregular changes, indicating a volatile market environment. The lowest export volume was recorded in 2018 at 61 tons, while the highest was observed in 2019 at 18 464 tons, reflecting a 302-fold difference between these years. In 2020, Uruguay's soybean oilcake exports totaled 7 812 tons, which is 57.7% lower than the previous year. The largest decline occurred in 2018 at 99.4%, and the most substantial increase was recorded in 2019 at 30,118.7%.

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

From 2017 to 2020, the United Arab Emirates (23.8% of exports in kind), Bangladesh (23.6% of exports in kind), and Chile (19.2% of exports in kind) together accounted for 66.5% of total exports in kind, making them the main destinations for Uruguayan soybean oilcake.

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

The market exhibited signs of volatility during the observed period. The lowest export value was recorded in 2018 at 27 thousand US dollars, while the highest was in 2019 at 6 129 thousand US dollars, showing a 223-fold variation. In 2020, Uruguay exported 2 548 thousand US dollars worth of soybean oilcake, down by 58.4% compared to 2019. The largest decline occurred in 2018 at 99.3%, and the most significant increase was recorded in 2019 at 22,192.0%.

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

Between 2017 and 2020, the United Arab Emirates (22.8% of exports in value terms), Bangladesh (22.8% of exports in value terms), and Chile (18.1% of exports in value terms) made the largest contributions to export value, jointly accounting for 63.7% of total flows.

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 oilcake to Uruguay

Imports in kind, t

The data reveals irregular changes, pointing to a volatile market environment. Import levels fluctuated 3.6 times between the low of 2019 at 10 786 tons and the high of 2017. In 2020, Uruguay's soybean oilcake imports amounted to 21 671 tons, corresponding to a 100.9% increase year-over-year. The largest decline was recorded in 2019 at 57.4%.

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

From 2017 to 2020, Paraguay was the primary source for imports in kind, accounting for 79.4% of total flows, while other markets formed a long tail of smaller partners.

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

The market showed signs of volatility over the observed period. The lowest import value was recorded in 2019 at 3 904 thousand US dollars, while the peak was in 2017, with a 3.6-fold gap between them. In 2020, Uruguay imported 7 760 thousand US dollars worth of soybean oilcake, up by 98.8% compared to 2019. The largest decline occurred in 2019 at 62.4%.

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

Throughout 2017 to 2020, Paraguay was the main supplier of soybean oilcake to Uruguay, taking 78.2% of total imports in value terms, while other partners had relatively modest shares.

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

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