Brazil's soybean oil exports advanced by 58 percent last year

Published 2023년 1월 24일

Tridge summary

In 2022, Brazil experienced a significant surge in soybean oil exports, with a 58.1% increase compared to the previous year, reaching nearly 2.61 million tons. This makes 2022 the second-highest year for soybean oil exports, following 2005. The reduction in the biodiesel mandate allowed the national crushing industry to increase the export of soy oil, taking advantage of high prices that resulted in record profits. India was the main buyer, accounting for nearly 62% of the total exports. The growth in demand from India and Bangladesh offset the decrease in demand from China, where consumption fell by 62%. Overall, Brazil earned US$ 3.95 billion from soybean oil exports, marking a 95.7% increase over 2021 and setting a new record for the highest profit from soybean oil exports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Brazil repeated last year's route in the soybean oil market: with the biodiesel blend reduced to B10, the solution was to export more. Much more! Government figures show that shipments of the derivative of the main Brazilian agribusiness product were close to 2.61 million tons. This represents a staggering 58.1% jump over the already robust exports of the previous year. This result makes 2022 the second most exported year for the product. It loses only to 2005 – three years before the launch of the mandatory biodiesel blend – when oil exports reached almost 2.70 million tons. This means that the equivalent of around 13.7 million tons of soybeans. Furthermore. another 78.9 million tons of soy had already left the country in natura over the course of last year.According to the Brazilian Association of Vegetable Oil Industries (Abiove), the amount of oil exported is equivalent to approximately a quarter of the volume of the derivative produced in the country last year. Although it ...

Source: Biodieselbr