In December 2024, the United States reached a major milestone in its agricultural exports, shipping nearly 127,000 tonnes of soy oil—the highest volume exported for the month of December in the past nine years. This impressive figure also marks the highest monthly export total for soy oil since January 2022, highlighting the ongoing strength of U.S. soy oil production and its global market presence.The growth in soy oil exports is a significant indicator of the broader demand for U.S. agricultural products, especially in key international markets. Soy oil has a wide range of applications, from food production to biofuels and industrial uses, making it an essential commodity on the global stage. The December exports demonstrate the continued reliance on U.S. soy oil, driven by a combination of favorable production conditions and expanding markets abroad.
Top Export Destinations in December:The key destinations for U.S. soy oil exports in December were:
- India: 27% of total exports
- Algeria: 25% of total exports
- Colombia: 14% of total exports
- Mexico: 13% of total exports
India, as the top importer, accounted for a significant portion of the total soy oil shipped, continuing a trend of rising demand from the Indian subcontinent. The country’s growing population and increasing demand for edible oils have made it one of the largest importers of U.S. soy oil. Meanwhile, Algeria has also emerged as a major market, driven by its reliance on imported vegetable oils. The demand from Colombia and Mexico reflects the expanding use of soy oil in both food and industrial sectors in Latin America.The significant volume of soy oil exports to these regions underscores the versatility and broad appeal of U.S. soy products. In addition to its traditional use as an edible oil, soy oil is increasingly sought after for use in biofuels, particularly as countries seek to meet sustainability goals and reduce reliance on fossil fuels. The U.S. remains a dominant player in the global soy oil market, with its product serving as a key input in multiple industries worldwide.
