Ukraine has set a record for soybean oil supplies to the EU

In 2024, Ukraine exported a record 0.33 mln tons of soybean oil to the EU, which is 37% more than in 2023. This happened against the backdrop of a general decline in imports of the four main vegetable oils to the EU, which fell to a 12-year low of 1.38 mln tons in October-December (-14% yoy). The drop in demand for palm, rapeseed, and sunflower oil was partially offset by increased consumption of soybean oil.

At the same time, Argentina, which is traditionally a major supplier of soybean oil to the EU, significantly reduced its exports to this country - to 0.14 million tons (-25%). This allowed Ukraine to become the main exporter of soybean oil to Europe.

At the same time, used cooking oil (UCO) became the main competitor in the EU market, with imports reaching a record 2 million tons (+22% by 2023). The main supplies of this product come from Southeast Asia, which puts additional pressure on the biofuel market.