Australia and Oceania: Crude Soybean Oil Market Overview 2021

Crude Soybean Oil Market Size in Australia and Oceania

In 2019, the crude soybean oil market in Australia and Oceania decreased by -X% to $X, falling for the third consecutive year after two years of growth. In general, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2008 with an increase of X% against the previous year. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2019, consumption remained at a lower figure.

Crude Soybean Oil Production in Australia and Oceania

In value terms, crude soybean oil production shrank to $X in 2019 estimated in export prices. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 with an increase of X% y-o-y. The level of production peaked at $X in 2016; however, from 2017 to 2019, production stood at a somewhat lower figure.

Production By Country in Australia and Oceania

Australia (X tonnes) constituted the country with the largest volume of crude soybean oil production, 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 2019, the average annual growth rate 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 2019, shipments abroad of crude soybean oil increased by X% to X tonnes, rising for the fourth consecutive year after two years of decline. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2012 when exports increased by X% y-o-y. The volume of export peaked at X tonnes in 2007; however, from 2008 to 2019, exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports totaled $X in 2019. Over the period under review, exports, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2012 with an increase of X% year-to-year. Over the period under review, exports attained the maximum at $X in 2007; however, from 2008 to 2019, exports stood at a somewhat lower figure.

Exports by Country

Australia represented the main exporter of crude soybean oil in Australia and Oceania, with the volume of exports recording X tonnes, which was approx. X% of total exports in 2019. New Zealand (X tonnes) occupied the second position in the ranking, distantly followed by Fiji (X tonnes). All these countries together occupied near X% share of total exports.

From 2007 to 2019, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by New Zealand, while exports for the other leaders experienced a decline in the exports figures.

In value terms, Australia ($X), New Zealand ($X) and Fiji ($X) appeared to be the countries with the highest levels of exports in 2019.

New Zealand recorded the highest rates of growth with regard to the value of exports, among 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 2019, with a decrease of -X% against the previous year. Over the period under review, the export price continues to indicate a slight slump. The growth pace was the most rapid in 2008 when the export price increased by X% year-to-year. The level of export peaked at $X per tonne in 2016; however, from 2017 to 2019, export prices failed to regain the momentum.

Average prices varied somewhat amongst the major exporting countries. In 2019, the country with the highest price was Fiji ($X per tonne), while Australia ($X per tonne) was amongst the lowest.

From 2007 to 2019, 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

Crude soybean oil imports rose remarkably to X tonnes in 2019, with an increase of X% on 2018 figures. In general, imports, however, saw a deep setback. The most prominent rate of growth was recorded in 2012 when imports increased by X% y-o-y. The volume of import peaked at X tonnes in 2007; however, from 2008 to 2019, imports failed to regain the momentum.

In value terms, crude soybean oil imports rose rapidly to $X in 2019. Over the period under review, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2012 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2013 to 2019, the growth imports remained at a somewhat lower figure.

Imports by Country

In 2019, Australia (X tonnes) was the major importer of crude soybean oil, constituting X% of total imports. Fiji (X tonnes) occupied the second position in the ranking, followed by New Zealand (X tonnes). All these countries together occupied approx. X% share of total imports. Micronesia (X tonnes) followed a long way behind the leaders.

From 2007 to 2019, average annual rates of growth with regard to crude soybean oil imports into Australia stood at -X%. At the same time, Fiji (+X%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +X% from 2007-2019. By contrast, Micronesia (-X%) and New Zealand (-X%) illustrated a downward trend over the same period. From 2007 to 2019, the share of Fiji increased by +X% percentage points, while Australia (-X p.p.) and New Zealand (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2007 to 2019, the average annual growth rate of value in Australia totaled -X%. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (-X% per year) and Fiji (+X% per year).

Import Prices by Country

In 2019, the crude soybean oil import price in Australia and Oceania amounted to $X per tonne, increasing by X% against the previous year. Over the last twelve-year period, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2008 when the import price increased by X% year-to-year. The level of import peaked at $X per tonne in 2012; however, from 2013 to 2019, import prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Micronesia ($X per tonne), while Australia ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Micronesia, while the other leaders experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

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

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The country with the largest volume of crude soybean oil consumption was Australia (183K tonnes), comprising approx. 75% of total volume. Moreover, crude soybean oil consumption in Australia exceeded the figures recorded by the second-largest consumer, New Zealand (39K tonnes), fivefold.

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

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Australia (180K tonnes) constituted the country with the largest volume of crude soybean oil production, accounting for 75% of total volume. Moreover, crude soybean oil production in Australia exceeded the figures recorded by the second-largest producer, New Zealand (38K tonnes), fivefold.

What are the leading exporters 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 Australia ($135K), New Zealand ($89K) and Fiji ($56K).

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

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In value terms, Australia ($3.3M) constitutes the largest market for imported crude soybean oil in Australia and Oceania, comprising 64% of total imports. The second position in the ranking was occupied by New Zealand ($767K), with a 15% share of total imports. It was followed by Fiji, with a 14% share.

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

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In 2019, the crude soybean oil export price in Australia and Oceania amounted to $680 per tonne, with a decrease of -25.2% against the previous year.

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

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In 2019, the crude soybean oil import price in Australia and Oceania amounted to $924 per tonne, increasing by 5% against the previous year.