Soybean Oil
U.S. Soybean Oil Exports in 2024
Total Export Value
$523.99 Million
Total Volume
460,635 Metric Tons
3-Year Average
$592.56 Million
Compound Average Growth
-4.25% (2015-2024)
| Market | Total Value (USD) |
|---|---|
| Mexico | $105.84 Million |
| Canada | $86.84 Million |
| Colombia | $83.5 Million |
| Venezuela | $46.84 Million |
| India | $37.53 Million |
| Algeria | $33.54 Million |
| South Korea | $32.79 Million |
| Dominican Republic | $27.86 Million |
| Jamaica | $25.45 Million |
| Egypt | $7.36 Million |
Data and Analysis
Brazil’s soybean sector continues to demonstrate strong momentum, with MY 2024/25 production reaching a new record driven by higher yields—particularly in São Paulo, Goiás, and the MATOPIBA region—supported by favorable weather and improved cultivation practices.
On May 30, 2025, India reduced its import duty on crude soybean, sunflower, and palm oil from 20 percent to 10 percent, lowering the effective duty to 16.5 percent.
Although domestic soybean production is forecast to reach a 20-year high in marketing year (MY) 2025/26, Korea will remain dependent on imports for 89 percent of total supply.
News and Features
Private exporters reported sales of 22,000 MT of soybean oil for delivery to South Korea during MY 2025/2026.
Private exporters reported sales of 20,000 MT of soybean oil for delivery to unknown destinations during MY 2024/2025.
Private exporters reported the following sales activity for MY 2024/2025: 130,000 MT of white wheat for delivery to South Korea and 20,000 MT of soybean oil for delivery to unknown destinations.