Australia and Oceania: Crude Soybean Oil Market 2023

Crude Soybean Oil Market Size in Australia and Oceania

In 2021, the crude soybean oil market in Australia and Oceania was finally on the rise to reach $X for the first time since 2012, thus ending a eight-year declining trend. In general, consumption, however, saw a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Australia and Oceania

In value terms, crude soybean oil production shrank notably to $X in 2021 estimated in export price. In general, production, however, continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the production volume increased by 45% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Crude Soybean Oil Exports

Exports in Australia and Oceania

In 2021, shipments abroad of crude soybean oil was finally on the rise to reach X tons after three years of decline. Overall, exports, however, saw a abrupt decrease. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, crude soybean oil exports surged to $X in 2021. In general, exports, however, continue to indicate a abrupt descent. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Australia (X tons) was the largest exporter of crude soybean oil, comprising 64% of total exports. New Zealand (X tons) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by Fiji (12%).

From 2012 to 2021, average annual rates of growth with regard to crude soybean oil exports from Australia stood at -13.4%. At the same time, Fiji (+1.2%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +1.2% from 2012-2021. By contrast, New Zealand (-3.1%) illustrated a downward trend over the same period. While the share of New Zealand (+13 p.p.) and Fiji (+8.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Australia (-20.7 p.p.) displayed negative dynamics.

In value terms, Australia ($X) emerged as the largest crude soybean oil supplier in Australia and Oceania, comprising 76% of total exports. The second position in the ranking was held by New Zealand ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Australia totaled -12.9%. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (-10.6% per year) and Fiji (+1.1% per year).

Export Prices by Country

In 2021, the export price in Australia and Oceania amounted to $X per ton, increasing by 44% against the previous year. Overall, the export price, however, saw a slight shrinkage. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Australia ($X per ton), while New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+0.5%), while the other leaders experienced a decline in the export price figures.

Crude Soybean Oil Imports

Imports in Australia and Oceania

In 2021, the amount of crude soybean oil imported in Australia and Oceania soared to X tons, jumping by 47% on the previous year's figure. Over the period under review, imports, however, recorded a noticeable downturn. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports soared to $X in 2021. Overall, imports, however, continue to indicate a noticeable shrinkage. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Australia was the largest importer of crude soybean oil in Australia and Oceania, with the volume of imports amounting to X tons, which was near 72% of total imports in 2021. Fiji (X tons) held the second position in the ranking, distantly followed by Papua New Guinea (X tons). All these countries together took approx. 21% share of total imports. The following importers - New Zealand (X tons) and New Caledonia (X tons) - together made up 4.6% of total imports.

Imports into Australia decreased at an average annual rate of -4.3% from 2012 to 2021. At the same time, Papua New Guinea (+27.2%), New Caledonia (+24.3%) and Fiji (+20.2%) displayed positive paces of growth. Moreover, Papua New Guinea emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +27.2% from 2012-2021. By contrast, New Zealand (-17.9%) illustrated a downward trend over the same period. While the share of Fiji (+13 p.p.) and Papua New Guinea (+5.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Australia (-4.6 p.p.) and New Zealand (-9.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported crude soybean oil in Australia and Oceania, comprising 73% of total imports. The second position in the ranking was taken by Fiji ($X), with a 13% share of total imports. It was followed by Papua New Guinea, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia stood at -3.9%. The remaining importing countries recorded the following average annual rates of imports growth: Fiji (+15.4% per year) and Papua New Guinea (+29.2% per year).

Import Prices by Country

In 2021, the import price in Australia and Oceania amounted to $X per ton, surging by 43% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Australia ($X per ton) and Papua New Guinea ($X per ton), while New Zealand ($X per ton) and New Caledonia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Papua New Guinea (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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