Australia and Oceania: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Australia and Oceania

The crude soybean oil market in Australia and Oceania rose sharply to $X in 2023, growing by X% against the previous year. Overall, consumption, however, showed a abrupt decline. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Australia and Oceania

In value terms, crude soybean oil production rose notably to $X in 2023 estimated in export price. Over the period under review, production, however, showed a deep contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2023, production failed to regain momentum.

Crude Soybean Oil Exports

Exports in Australia and Oceania

In 2023, after two years of growth, there was significant decline in overseas shipments of crude soybean oil, when their volume decreased by X% to X tons. In general, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, crude soybean oil exports contracted significantly to $X in 2023. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Fiji dominates exports structure, resulting at X tons, which was approx. X% of total exports in 2023. Australia (X tons) followed a long way behind the leaders.

Fiji was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of X% from 2012 to 2023. Australia (X%) illustrated a downward trend over the same period. While the share of Fiji (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Australia (X p.p.) displayed negative dynamics.

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

In Fiji, crude soybean oil exports increased at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in Australia and Oceania amounted to $X per ton, reducing by X% against the previous year. In general, the export price, however, enjoyed a mild expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2023, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Fiji ($X per ton), while Australia amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Australia (X%).

Crude Soybean Oil Imports

Imports in Australia and Oceania

In 2023, approx. X tons of crude soybean oil were imported in Australia and Oceania; increasing by X% on 2022 figures. Overall, imports, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2015 when imports increased by X%. As a result, imports reached the peak of X tons. From 2016 to 2023, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports dropped markedly to $X in 2023. Over the period under review, imports, however, showed a noticeable slump. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Australia (X tons) was the largest importer of crude soybean oil, creating X% of total imports. It was distantly followed by Fiji (X tons), mixing up a X% share of total imports. Papua New Guinea (X tons) and New Caledonia (X tons) followed a long way behind the leaders.

Imports into Australia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Fiji (X%) and New Caledonia (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 2012-2023. By contrast, Papua New Guinea (X%) illustrated a downward trend over the same period. While the share of Fiji (X p.p.) and New Caledonia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Papua New Guinea (X p.p.) and Australia (X p.p.) displayed negative dynamics.

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

In Australia, crude soybean oil imports declined by an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Fiji (X% per year) and Papua New Guinea (X% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then dropped sharply in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Papua New Guinea ($X per ton) and Fiji ($X per ton), while Australia ($X per ton) and New Caledonia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Papua New Guinea (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform