Australia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Australia

The Australian crude soybean oil market fell to $X in 2022, with a decrease of X% against the previous year. In general, consumption continues to indicate a drastic downturn. Crude soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Australia

In value terms, crude soybean oil production dropped slightly to $X in 2022 estimated in export price. Overall, production faced a abrupt setback. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Crude soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Soybean Oil Exports

Exports from Australia

In 2022, overseas shipments of crude soybean oil increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced downturn. 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 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Papua New Guinea (X kg) was the main destination for crude soybean oil exports from Australia, with a X% share of total exports. Moreover, crude soybean oil exports to Papua New Guinea exceeded the volume sent to the second major destination, Nauru (X kg), twofold. The third position in this ranking was held by the United Arab Emirates (X kg), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Papua New Guinea totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nauru (X% per year) and the United Arab Emirates (X% per year).

In value terms, Papua New Guinea ($X), the United Arab Emirates ($X) and Nauru ($X) appeared to be the largest markets for crude soybean oil exported from Australia worldwide, together comprising X% of total exports.

The United Arab Emirates, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, rising by X% against the previous year. In general, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vanuatu ($X per ton), while the average price for exports to Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vanuatu (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Australia

In 2022, the amount of crude soybean oil imported into Australia reduced markedly to X tons, with a decrease of X% against 2021 figures. Overall, imports saw a abrupt setback. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports reduced to $X in 2022. In general, imports recorded a perceptible decrease. The pace of growth was the most pronounced in 2021 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Argentina (X tons) constituted the largest crude soybean oil supplier to Australia, accounting for a X% share of total imports. Moreover, crude soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and China (X% per year).

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Australia, comprising X% of total imports. The second position in the ranking was taken by Germany ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and China (X% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, jumping by X% against the previous year. Overall, the import price posted a noticeable expansion. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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