Australia and Oceania: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Australia and Oceania

In 2022, the crude palm oil market in Australia and Oceania decreased by X% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption saw a abrupt contraction. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in Australia and Oceania

In value terms, crude palm oil production expanded notably to $X in 2022 estimated in export price. Overall, production showed a slight curtailment. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Crude Palm Oil Exports

Exports in Australia and Oceania

In 2022, exports of crude palm oil in Australia and Oceania declined to X tons, which is down by X% compared with 2021 figures. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, crude palm oil exports reduced rapidly to $X in 2022. In general, exports, however, continue to indicate a modest expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

Papua New Guinea prevails in exports structure, reaching X tons, which was approx. X% of total exports in 2022. Solomon Islands (X tons) followed a long way behind the leaders.

Papua New Guinea was also the fastest-growing in terms of the crude palm oil exports, with a CAGR of X% from 2012 to 2022. Solomon Islands (X%) illustrated a downward trend over the same period. Papua New Guinea (X p.p.) significantly strengthened its position in terms of the total exports, while Solomon Islands saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Papua New Guinea ($X) remains the largest crude palm oil supplier in Australia and Oceania, comprising X% of total exports. The second position in the ranking was held by Solomon Islands ($X), with a X% share of total exports.

In Papua New Guinea, crude palm oil exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2021, and then reduced in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Solomon Islands ($X per ton), while Papua New Guinea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Papua New Guinea (X%).

Crude Palm Oil Imports

Imports in Australia and Oceania

In 2022, the amount of crude palm oil imported in Australia and Oceania reduced to X tons, with a decrease of X% compared with the previous year. Overall, imports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude palm oil imports dropped rapidly to $X in 2022. Over the period under review, imports continue to indicate a pronounced reduction. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Papua New Guinea represented the main importer of crude palm oil in Australia and Oceania, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. It was distantly followed by Tuvalu (X tons), mixing up a X% share of total imports.

Imports into Papua New Guinea decreased at an average annual rate of X% from 2012 to 2022. At the same time, Tuvalu (X%) displayed positive paces of growth. Moreover, Tuvalu emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Tuvalu increased by X percentage points.

In value terms, Papua New Guinea ($X) constitutes the largest market for imported crude palm oil in Australia and Oceania, comprising X% of total imports. The second position in the ranking was held by Tuvalu ($X), with an X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Papua New Guinea totaled X%.

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, reducing by X% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil import price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. As a result, import price reached the peak level of $X per ton, and then declined rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Papua New Guinea ($X per ton), while Tuvalu amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Papua New Guinea (X%).

Source: IndexBox Platform

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