In 2024, Ukraine exported a record volume of soybean oil, ranking 8th globally

Soybean oil exports amounted to $317 million, accounting for 2.13% of global exports of this product and 1.14% of Ukraine’s total agricultural exports.

Top 3 soybean oil exporters in 2024:

• Argentina – $6.28 billion;
• Brazil – $1.31 billion;
• EU – $769 million.

Main destinations for Ukrainian soybean oil exports in 2024:

• EU – 85%
• India – 3%
• United Arab Emirates – 3%
• Saudi Arabia – 2%
• Tunisia – 2%

Key insights:

• Historic revenue high: In 2024, export revenue from soybean oil reached $317 million, the highest level in the past 10 years. This signals a trend toward developing domestic processing and increasing exports of finished products with higher value added;
• Market diversification: Over the past year, Ukraine significantly diversified its markets, increasing the number of partner countries importing soybean oil from 38 to 48. While the European Union remains the key consumer, Ukrainian producers are gradually strengthening their presence in Asia and the Middle East;
• Dominant role of overland logistics: Unlike many other agricultural commodities, soybean oil exports are critically dependent on western land borders due to the geographical proximity of the main market – the EU. In 2024, 85% of exports were shipped via the “Solidarity Lanes.” The share of maritime routes remains relatively low: 7% via Black Sea ports and 6% via Danube ports.

Conclusion: Achieving record revenue over the past decade and maintaining a position among the world’s top 10 exporters demonstrates the high adaptability of the processing sector. Stable use of western logistics corridors, combined with active expansion into new markets, enables Ukrainian soybean oil exporters to secure steady foreign currency inflows even with limited use of deep-water ports.

Learn more in the full Export Portfolio 2024: https://cutt.ly/rr1U8YTa