In 2018-2022, the production of vegetable oils in Egypt gradually increased: in 2022, 858.0 thousand tons of vegetable oils were produced in the country, which is 13.9% higher than in 2021. Most of the production of vegetable oils in Egypt in 2022 fell on soybean oil — 95.6% (820.0 thousand tons). Sunflower oil provided 2.9% of Egypt's vegetable oil production (25.0 thousand tons). The third largest is cottonseed oil — 1.5% (13.0 thousand tons).

The volume of edible oil consumption in Egypt in 2018-2022 was in the range of 2.1–2.5 million tons. The average annual growth rate of consumption in 2018-2022 was 0.6%. In 2020, the total volume of oil consumption reached the highest value in the last five years — 2.5 million tons, due to the favorable price environment for vegetable oils in the world. In 2022, consumption amounted to 2.1 million tons, having decreased by 9.7% compared to 2021. High prices for this group of goods in 2021-2022 had a negative impact on the dynamics of consumption of vegetable oils in Egypt.

In 2022, the main share in the structure of edible oil consumption in the country was soybean oil, which accounted for 46.5% (1.0 million tons) of the total volume. Palm oil accounted for 44.4% (1.0 million tons). The share of sunflower oil was 8.5% of the total consumption (0.2 million tons).

The consumption of soybean oil in 2018-2022 increased at the highest rate relative to other types of vegetable oils. In 2018-2022, the volume of soybean oil consumption grew annually by an average of 10.3% (from 675.3 thousand tons in 2018 to 1.0 million tons in 2022).

In 2022, the volume of soybean production in Egypt decreased to 25 thousand tons (30.6% below the level of 2021) due to a decrease in acreage, while most of the soybeans produced in Egypt are used for feed for dairy cows and broiler chickens. At the same time, imports of soybeans increased by 23.8%, which allowed to increase the total volume of stocks of raw materials for oil production by 15.4%. In 2023, the Egyptian government announced a guaranteed purchase price per metric ton of soybeans ($580) in order to encourage local producers to increase production. According to USDA estimates, in 2023 the volume of soybeans grown amounted to 56 thousand tons (2 times the volume of 2021).

The volume of soybean oil production in Egypt in 2022 reached 820.0 thousand tons, which is 15.5% more than in 2021. In 2018-2022, production increased by an average of 8.9% per year. The decrease in the indicator in 2021 is due to a reduction in imports of soybeans. Despite the increase in production, soybean oil imports decreased by 44.0% in 2022, which led to a decrease in the overall supply of this type of product on the market. At the same time, Egypt traditionally imports mainly crude unrefined oil for further processing.

In 2022, the volume of imports of Egyptian soybean oil amounted to 248.5 thousand tons in the amount of 354.6 million US dollars, which is 44.0% (195.4 thousand tons) less than the level of 2021 in volume terms and 29.7% (150.2 million US dollars) in value. In 2018-2022, the volume of purchases of soybean oil in foreign markets increased on average annually by 16.5% in volume terms and by 38.6% in value. The increase in soybean oil imports in 2019-2020 is due to a favorable price environment — the price premium of soybean oil to palm oil has practically disappeared by 2020.

A significant part of the purchases of soybean oil in Egypt are carried out on a tender basis through GASC. So, in 2022, about 75 of Egyptian soybean oil imports were made up of tender purchases. Both local processors and foreign suppliers participate in tenders. According to the GASC rules, suppliers provide two price offers — with immediate payment and with deferred payment for 180 days. The option with immediate payment means a lower price, without paying interest. The oil is refined at state-owned factories or private businesses under state contracts.

The basis of Egypt's soybean oil imports is consistently crude soybean oil (HS code 1507 10). Since 2018, the share of refined oil (HS code 90) exceeded 1% only in 2021. In 2022, Egypt imported exclusively crude soybean oil.

In the structure of Egyptian soybean oil imports in volume by the end of 2022, Russia took the leading position, supplying 106.9 thousand tons of products to Egypt, which amounted to 43.0% of the total volume of soybean oil imports to the country.

Turkey took the second place with a share of 25.0%. Argentina also entered the top three suppliers with a share of 21.8%. In addition, Egypt imported soybean oil from Italy (8.3%) and Spain (1.8%). In 2018-2021, Paraguay, Brazil and the USA supplied significant volumes of soybean oil to the Egyptian market in some years.

In 2022, Egypt increased purchases of soybean oil from Russia by 2.1 times (+55.4 thousand tons) and Turkey by 5.4 times (+50.7 thousand tons). Supplies from Spain have resumed (4.5 thousand tons). At the same time, imports from Argentina decreased significantly (-80.1% or -218.0 thousand tons).

The main exporter of soybean oil to Egypt in value terms in 2022 was Russia, which supplied this product in the amount of 138.0 million US dollars (38.9% of imports). Major suppliers also included Argentina (25.8%), Turkey (24.6%), Italy (8.8%) and Spain (1.9%).

The largest increase in exports in 2022 compared to the previous year was demonstrated by Russia (2.3 times or by 79.0 million US dollars) and Turkey (6.5 times or by 73.8 million US dollars). Supplies from Spain have resumed (USD 6.9 million). At the same time, shipments from Argentina decreased significantly (-70.3% or -216.5 million US dollars).

In 2022, the average export price of soybean oil increased by 25.5% to 1,427 US dollars per ton. The most expensive products were supplied from Argentina at a price of 1,684 US dollars per ton, which is 18.0% higher than the average export price. The most competitive price was fixed for supplies from Russia — 1,292 US dollars per ton (9.5% lower than the average price) and Turkey (1.7% lower).

Since mid-2022, there has been a significant decrease in GASC's purchase prices for soybean oil. The cost of soybean oil (CIF) for delivery in October 2023 came close to 1 thousand US dollars per ton (1,010 US dollars per ton). In the first month of 2024, the purchase price was US$ 1,030 per ton.