Four South American countries were among the five largest exporters of soybean oil in 2023, according to data from the World Trade Organization (WTO).

Argentina and Brazil ranked first and second, with 2,770 million and 2,517 million dollars and year-on-year declines of 45.3% and 36.2%, respectively.

In third position was the Netherlands, with 727 million dollars, a decrease of 13.6% at annual rate.

The other two South American countries followed in the same ranking: Bolivia (573 million dollars, -33.1%) and Paraguay (516 million, -3.4%).

These data correspond to exports of soybean oil (soya) and its fractions, including refined, but not chemically modified.

Soybean oil is extracted from the seeds of the soybean plant and is one of the most consumed cooking oils and the second most consumed vegetable oil in the world.

Soybean oil

Teucrium Commodity Trust reports that soybean oil is sold in various grades and is used in the food, petroleum and chemical industries. 

The food industry uses soybean oil for cooking and salad dressings, baking and frying fats, and butter substitutes, among other uses. 

In addition, the soybean industry continues to introduce soy-based products as substitutes for various petroleum products, including lubricants, plastics, inks, crayons and candles. 

Soybean oil is also converted into biodiesel and renewable diesel for use as fuel.

Energy and food

The United States Department of Agriculture (USDA) estimates that approximately 52% of domestic soybean oil production is used in food, feed, and industrial applications, 47% in biofuel production, and 1% for export for various uses.

South Dakota Soybean Processors notes that soybean oil is increasingly being converted into biofuels, including biodiesel or renewable diesel. 

Biodiesel and renewable diesel, substitutes for standard petroleum-based diesel fuel, have experienced rapid growth recently following the expansion of the Renewable Fuel Standard (RFS) program and the resumption of the biodiesel blenders’ tax credit.