Australia and Oceania: Crude Soybean Oil Market Overview 2021

Crude Soybean Oil Market Size in Australia and Oceania

In 2020, the crude soybean oil market in Australia and Oceania increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +X% from 2007 to 2020; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Soybean Oil Production in Australia and Oceania

In value terms, crude soybean oil production surged to $X in 2020 estimated in export prices. The total output value increased at an average annual rate of +X% over the period from 2007 to 2020; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2008 with an increase of X% year-to-year. The level of production peaked in 2020 and is expected to retain growth in the immediate term.

Production By Country in Australia and Oceania

Australia (X tonnes) remains the largest crude soybean oil producing country in Australia and Oceania, accounting for X% of total volume. Moreover, crude soybean oil production in Australia exceeded the figures recorded by the second-largest producer, New Zealand (X tonnes), fivefold.

From 2007 to 2020, the average annual rate of growth in terms of volume in Australia totaled +X%. The remaining producing countries recorded the following average annual rates of production growth: New Zealand (+X% per year) and Papua New Guinea (+X% per year).

Crude Soybean Oil Exports

Exports in Australia and Oceania

In 2020, crude soybean oil exports in Australia and Oceania reduced to X tonnes, with a decrease of -X% compared with the year before. Over the period under review, exports continue to indicate a abrupt setback. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The volume of export peaked at X tonnes in 2007; however, from 2008 to 2020, exports failed to regain the momentum.

In value terms, crude soybean oil exports declined to $X in 2020. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2012 with an increase of X% against the previous year. Over the period under review, exports reached the maximum at $X in 2007; however, from 2008 to 2020, exports failed to regain the momentum.

Exports by Country

In 2020, New Zealand (X tonnes) represented the major exporter of crude soybean oil, making up X% of total exports. Fiji (X tonnes) ranks second in terms of the total exports with a X% share, followed by Australia (X%).

New Zealand was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of -X% from 2007 to 2020. Fiji (-X%) and Australia (-X%) illustrated a downward trend over the same period. From 2007 to 2020, the share of New Zealand and Fiji increased by +X% and +X% percentage points, while Australia (-X p.p.) saw their share reduced.

In value terms, the largest crude soybean oil supplying countries in Australia and Oceania were New Zealand ($X), Fiji ($X) and Australia ($X recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The crude soybean oil export price in Australia and Oceania stood at $X per tonne in 2020, increasing by X% against the previous year. Over the period from 2007 to 2020, it increased at an average annual rate of +X%. The growth pace was the most rapid in 2008 when the export price increased by X% y-o-y. The level of export peaked at $X per tonne in 2012; however, from 2013 to 2020, export prices remained at a lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Fiji ($X per tonne), while New Zealand ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Fiji, while the other leaders experienced mixed trends in the export price figures.

Crude Soybean Oil Imports

Imports in Australia and Oceania

In 2020, approx. X tonnes of crude soybean oil were imported in Australia and Oceania; growing by X% against the previous year. In general, imports, however, recorded a slight curtailment. Over the period under review, imports reached the peak figure at X tonnes in 2007; however, from 2008 to 2020, imports failed to regain the momentum.

In value terms, crude soybean oil imports surged to $X in 2020. Over the period under review, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2020, imports stood at a somewhat lower figure.

Imports by Country

Australia represented the major importing country with an import of around X tonnes, which finished at X% of total imports. Tuvalu (X tonnes) ranks second in terms of the total imports with a X% share, followed by Cook Islands (X%), Guam (X%), Nauru (X%), Northern Mariana Islands (X%) and Marshall Islands (X%).

From 2007 to 2020, average annual rates of growth with regard to crude soybean oil imports into Australia stood at -X%. At the same time, Guam (+X%), Nauru (+X%), Tuvalu (+X%), Cook Islands (+X%), Northern Mariana Islands (+X%) and Marshall Islands (+X%) displayed positive paces of growth. Moreover, Guam emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +X% from 2007-2020. From 2007 to 2020, the share of Nauru, Northern Mariana Islands, Guam, Tuvalu, Cook Islands and Marshall Islands increased by +X%, +X%, +X%, +X%, +X% and +X% percentage points, while Australia (-X p.p.) saw their share reduced.

In value terms, Australia ($X) constitutes the largest market for imported crude soybean oil in Australia and Oceania, comprising X% of total imports. The second position in the ranking was occupied by Nauru ($X), with a X% share of total imports. It was followed by Marshall Islands, with a X% share.

From 2007 to 2020, the average annual growth rate of value in Australia amounted to -X%. The remaining importing countries recorded the following average annual rates of imports growth: Nauru (+X% per year) and Marshall Islands (+X% per year).

Import Prices by Country

In 2020, the crude soybean oil import price in Australia and Oceania amounted to $X per tonne, waning by -X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 when the import price increased by X% y-o-y. Over the period under review, import prices hit record highs at $X per tonne in 2012; however, from 2013 to 2020, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2020, major importing countries recorded the following prices: in Australia ($X per tonne) and Nauru ($X per tonne), while Tuvalu ($X per tonne) and Guam ($X per tonne) were amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Marshall Islands, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude soybean oil in Australia and Oceania?

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Australia (227K tonnes) remains the largest crude soybean oil consuming country in Australia and Oceania, comprising approx. 75% of total volume. Moreover, crude soybean oil consumption in Australia exceeded the figures recorded by the second-largest consumer, New Zealand (43K tonnes), fivefold.

What are the largest producers of crude soybean oil in Australia and Oceania?

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The country with the largest volume of crude soybean oil production was Australia (224K tonnes), accounting for 77% of total volume. Moreover, crude soybean oil production in Australia exceeded the figures recorded by the second-largest producer, New Zealand (43K tonnes), fivefold.

What are the leading suppliers of crude soybean oil in Australia and Oceania?

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In value terms, the largest crude soybean oil supplying countries in Australia and Oceania were New Zealand ($89K), Fiji ($72K) and Australia ($34K).

What are the leading importers of crude soybean oil in Australia and Oceania?

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In value terms, Australia ($2.8M) constitutes the largest market for imported crude soybean oil in Australia and Oceania, comprising 29% of total imports. The second position in the ranking was occupied by Nauru ($959K), with a 10% share of total imports. It was followed by Marshall Islands, with a 10% share.

What is the average export price for crude soybean oil in Australia and Oceania?

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The crude soybean oil export price in Australia and Oceania stood at $1,092 per tonne in 2020, rising by 6.8% against the previous year.

What is the average import price for crude soybean oil in Australia and Oceania?

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In 2020, the crude soybean oil import price in Australia and Oceania amounted to $884 per tonne, falling by -4.3% against the previous year.