New Zealand: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in New Zealand

The New Zealand market for petroleum lubricating oil and grease shrank significantly to $X in 2023, reducing by X% against the previous year. In general, consumption continues to indicate a slight slump. Petroleum lubricating oil and grease consumption peaked at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in New Zealand

In value terms, petroleum lubricating oil and grease production declined to $X in 2023 estimated in export price. Overall, production saw a pronounced decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2023, production remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from New Zealand

In 2023, shipments abroad of petroleum lubricating oil and grease increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, exports saw a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2014 to 2023, the growth of the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports rose notably to $X in 2023. Overall, exports enjoyed prominent growth. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons), Fiji (X tons) and Denmark (X tons) were the main destinations of petroleum lubricating oil and grease exports from New Zealand, with a combined X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Denmark (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) emerged as the key foreign market for petroleum lubricating oil and grease exports from New Zealand, comprising X% of total exports. The second position in the ranking was held by Fiji ($X), with a X% share of total exports. It was followed by Denmark, with an X% share.

From 2012 to 2023, the average annual growth rate of value to Australia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (X% per year) and Denmark (X% per year).

Export Prices by Country

In 2023, the average export price for petroleum lubricating oil and grease amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Vanuatu ($X per ton), while the average price for exports to Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into New Zealand

In 2023, after two years of growth, there was significant decline in supplies from abroad of petroleum lubricating oil and grease, when their volume decreased by X% to X tons. In general, total imports indicated notable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at X tons in 2022, and then dropped sharply in the following year.

In value terms, petroleum lubricating oil and grease imports contracted to $X in 2023. Over the period under review, total imports indicated notable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then dropped in the following year.

Imports by Country

In 2023, Australia (X tons) constituted the largest petroleum lubricating oil and grease supplier to New Zealand, with a X% share of total imports. Moreover, petroleum lubricating oil and grease imports from Australia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. France (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2023, the average annual growth rate of volume from Australia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and France (X% per year).

In value terms, Australia ($X) constituted the largest supplier of petroleum lubricating oil and grease to New Zealand, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2023, the average annual growth rate of value from Australia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

Import Prices by Country

In 2023, the average import price for petroleum lubricating oil and grease amounted to $X per ton, jumping by X% against the previous year. Over the period under review, 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.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform