Groundnut Oil Price in Australia Grows 6% to $4.5K per Ton, Up Sharply on a Year-on-Year Basis

Australia Groundnut Oil Import Price per Ton in July 2022

In July 2022, the groundnut oil price per ton stood at $4.5K (CIF, Australia), picking up by 5.6% against the previous month. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in May 2022 when the average import price increased by 44% m-o-m. The import price peaked in July 2022.

Prices varied noticeably by the country of origin: the country with the highest price was China ($12.2K per ton), while the price for Malaysia ($2.8K per ton) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by the United States (+103.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Australia Groundnut Oil Import Prices by Type

Average prices varied noticeably amongst the major supplied products. In July 2022, the product with the highest price was refined groundnut oil ($5.0K per ton), while the price for crude groundnut oil totaled $4.2K per ton.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by refined groundnut oil (+2.0%).

Australia Groundnut Oil Imports

Groundnut oil imports into Australia dropped significantly to 40 tons in July 2022, declining by -32.1% compared with June 2022 figures. Over the period under review, imports showed a pronounced decline. The most prominent rate of growth was recorded in May 2022 when imports increased by 161% against the previous month. As a result, imports attained the peak of 66 tons. From June 2022 to July 2022, the growth of imports remained at a somewhat lower figure.

In value terms, groundnut oil imports contracted markedly to $177K (IndexBox estimates) in July 2022. Overall, imports saw a noticeable shrinkage. The most prominent rate of growth was recorded in May 2022 with an increase of 277% against the previous month.

Australia Groundnut Oil Imports by Type

In July 2022, crude groundnut oil (29 tons) constituted the largest type of groundnut oil supplied to Australia, accounting for a 72% share of total imports. Moreover, crude groundnut oil exceeded the figures recorded for the second-largest type, refined groundnut oil (11 tons), threefold.

From January 2022 to July 2022, the average monthly rate of growth in terms of the volume of import of crude groundnut oil was relatively modest.

In value terms, crude groundnut oil ($121K) constituted the largest type of groundnut oil supplied to Australia, comprising 69% of total imports. The second position in the ranking was held by refined groundnut oil ($56K), with a 31% share of total imports.

Australia Groundnut Oil Imports by Country

In July 2022, Hong Kong SAR (37 tons) was the main supplier of groundnut oil to Australia, accounting for a 92% share of total imports. Moreover, groundnut oil imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Malaysia (2.1 tons), more than tenfold. India (460 kg) ranked third in terms of total imports with a 1.2% share.

From January 2022 to July 2022, the average monthly rate of growth in terms of volume from Hong Kong SAR stood at +4.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Malaysia (-11.9% per month) and India (-28.9% per month).

In value terms, Hong Kong SAR ($162K) constituted the largest supplier of groundnut oil to Australia, comprising 92% of total imports. The second position in the ranking was taken by Malaysia ($5.9K), with a 3.4% share of total imports. It was followed by China, with a 3.2% share.

From January 2022 to July 2022, the average monthly growth rate of value from Hong Kong SAR stood at +5.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: Malaysia (-10.8% per month) and China (-34.3% per month).

Source: IndexBox Market Intelligence Platform