Australia and Oceania: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Australia and Oceania

The refined maize oil market in Australia and Oceania shrank to $X in 2023, waning by X% against the previous year. Over the period under review, consumption, however, saw a perceptible descent. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a somewhat lower figure.

Refined Maize Oil Production in Australia and Oceania

In value terms, refined maize oil production fell to $X in 2023 estimated in export price. Overall, production showed a perceptible curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Refined Maize Oil Exports

Exports in Australia and Oceania

In 2023, shipments abroad of refined maize (corn) oil decreased by X% to X tons, falling for the second consecutive year after three years of growth. Overall, exports recorded a deep setback. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

In value terms, refined maize oil exports fell to $X in 2023. In general, exports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

New Zealand prevails in exports structure, finishing at X tons, which was near X% of total exports in 2023. It was distantly followed by Australia (X tons), constituting a X% share of total exports.

New Zealand was also the fastest-growing in terms of the refined maize (corn) oil exports, with a CAGR of X% from 2012 to 2023. Australia (X%) illustrated a downward trend over the same period. New Zealand (X p.p.) significantly strengthened its position in terms of the total exports, while Australia saw its share reduced by X% from 2012 to 2023, respectively.

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

From 2012 to 2023, the average annual growth rate of value in New Zealand totaled X%.

Export Prices by Country

In 2023, the export price in Australia and Oceania amounted to $X per ton, jumping by X% against the previous year. Overall, the export price, however, recorded a noticeable curtailment. The growth pace was the most rapid in 2019 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

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

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

Refined Maize Oil Imports

Imports in Australia and Oceania

In 2023, overseas purchases of refined maize (corn) oil increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, refined maize oil imports dropped to $X in 2023. In general, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Australia prevails in imports structure, recording X tons, which was approx. X% of total imports in 2023. The following importers - Papua New Guinea (X tons) and Tonga (X tons) - each accounted for a X% share of total imports.

Imports into Australia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Tonga (X%) and Papua New Guinea (X%) displayed positive paces of growth. Moreover, Tonga emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2023. Papua New Guinea (X p.p.) and Tonga (X p.p.) significantly strengthened its position in terms of the total imports, while Australia saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Australia ($X) constitutes the largest market for imported refined maize (corn) oil in Australia and Oceania, comprising X% of total imports. The second position in the ranking was held by Papua New Guinea ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value in Australia totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Papua New Guinea (X% per year) and Tonga (X% per year).

Import Prices by Country

In 2023, the import price in Australia and Oceania amounted to $X per ton, declining by X% against the previous year. Import price indicated modest growth from 2012 to 2023: its price 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. Based on 2023 figures, refined maize oil import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, import price reached the peak level of $X per ton, and then dropped sharply in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Papua New Guinea ($X per ton), while Tonga ($X per ton) was 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 mixed trends in the import price figures.

Source: IndexBox Platform