Crude Soybean Oil Market Overview in Singapore
In value terms, crude soybean oil production expanded remarkably to $ in 2019 estimated in export prices. Over the period under review, production continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2011 with an increase of % year-to-year. Crude soybean oil production peaked at $ in 2007; however, from 2008 to 2019, production remained at a lower figure.
The size of the crude soybean oil market in Singapore contracted modestly to $ in 2019, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a mild contraction. The pace of growth appeared the most rapid in 2012 with an increase of % y-o-y. Crude soybean oil consumption peaked at $ in 2007; however, from 2008 to 2019, consumption failed to regain the momentum.