Vegetable Oils (excl. soybean)
U.S. Vegetable Oils (excl. soybean) Exports in 2023
Total Export Value
$1.43 Billion
Total Volume
732,383 Metric Tons
3-Year Average
$1.82 Billion
Compound Average Growth
-1.49% (2014-2023)
| Market | Total Value (USD) |
|---|---|
| Canada | $315.82 Million |
| Mexico | $277.1 Million |
| Singapore | $149.53 Million |
| European Union | $140.07 Million |
| Kuwait | $62.59 Million |
| Saudi Arabia | $47.09 Million |
| Ethiopia | $29.9 Million |
| China | $26.54 Million |
| Chile | $21.58 Million |
| Brazil | $16.8 Million |
Data and Analysis
Due to higher input costs associated with planting corn, rice, and other crops, soybean and peanut production is expected to increase in marketing year (MY) 2024/25. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of strong demand and high prices.
MY 2024/25 European Union oilseed production is forecast to decline by about one percent over the previous year with good yields. This forecast is based on the assumption of average growing conditions, lower, more average yields, but increased area which cannot make up for the lower yields.
While there is still considerable uncertainty regarding implementation, in January 2024 the government approved a system allowing for the resumption of genetically engineered commodity imports.
News and Features
USDA and USAID will deploy $1 billion in Commodity Credit Corporation funding to purchase U.S.-grown commodities to provide emergency food assistance to people in need throughout the world.