Ukraine increased soybean oil exports to the EU by 37%

In 2024, Ukraine exported a record 0.33 million tons of soybean oil to the EU, marking a 37% increase compared to the previous year. This growth occurred against the backdrop of a general decline in the EU’s imports of four major vegetable oils, which fell to a 12-year low of 1.38 million tons (-14% year-on-year) in October-December. The decrease in imports was driven by a reduction in domestic production of rapeseed and sunflower oil, as well as lower demand from the biofuel industry.

At the same time, Argentina, traditionally a major supplier of soybean oil to the EU, significantly reduced its exports to the region, shipping only 0.14 million tons (-25%). This allowed Ukraine to capture a larger market share and become the leading exporter of soybean oil to Europe.

However, the EU market is increasingly influenced by rising imports of used cooking oil (UCO), which reached a record 2 million tons in 2024 (+22% compared to 2023). Most of these supplies come from Southeast Asia, intensifying competition among raw material suppliers for biofuel production and affecting the demand for conventional vegetable oils.

Tags: Ukraine, export, soybean oil, EU