Australia and Oceania: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Australia and Oceania

In 2022, the market for processed petroleum oils and distillates in Australia and Oceania increased by 53% to $X, rising for the second consecutive year after two years of decline. In general, consumption posted strong growth. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Australia and Oceania

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 24% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in Australia and Oceania

In 2022, overseas shipments of processed petroleum oils and distillates increased by 38% to X tons, rising for the third consecutive year after two years of decline. Overall, exports posted moderate growth. The pace of growth appeared the most rapid in 2021 with an increase of 51%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports, however, recorded a noticeable descent. The pace of growth was the most pronounced in 2021 when exports increased by 52%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Australia dominates exports structure, accounting for X tons, which was approx. 83% of total exports in 2022. Fiji (X tons) held the second position in the ranking, followed by New Zealand (X tons). All these countries together held approx. 13% share of total exports. Marshall Islands (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to processed petroleum oils and distillates exports from Australia stood at +4.3%. At the same time, Fiji (+11.1%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +11.1% from 2012-2022. Marshall Islands experienced a relatively flat trend pattern. By contrast, New Zealand (-3.5%) illustrated a downward trend over the same period. While the share of Fiji (+3.9 p.p.) and Marshall Islands (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of New Zealand (-5.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest processed petroleum oils and distillates supplier in Australia and Oceania, comprising 73% of total exports. The second position in the ranking was taken by Fiji ($X), with a 12% share of total exports. It was followed by New Zealand, with a 7.7% share.

In Australia, processed petroleum oils and distillates exports shrank by an average annual rate of -4.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Fiji (+5.1% per year) and New Zealand (-4.9% per year).

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2022, rising by 7.8% against the previous year. Over the period under review, the export price, however, saw a deep downturn. The most prominent rate of growth was recorded in 2018 when the export price increased by 32% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Marshall Islands ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (-1.4%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Australia and Oceania

In 2022, purchases abroad of processed petroleum oils and distillates increased by 84% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports showed a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 88%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 169% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Australia dominates imports structure, accounting for X tons, which was approx. 83% of total imports in 2022. It was distantly followed by New Zealand (X tons), making up an 8.6% share of total imports. The following importers - Fiji (X tons) and Marshall Islands (X tons) - each amounted to a 4.5% share of total imports.

Australia was also the fastest-growing in terms of the processed petroleum oils and distillates imports, with a CAGR of +18.8% from 2012 to 2022. At the same time, New Zealand (+17.5%), Marshall Islands (+15.8%) and Fiji (+15.3%) displayed positive paces of growth. While the share of Australia (+12 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported processed petroleum oils and distillates in Australia and Oceania, comprising 86% of total imports. The second position in the ranking was held by New Zealand ($X), with a 6.4% share of total imports. It was followed by Fiji, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value in Australia amounted to +13.2%. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (+7.7% per year) and Fiji (+9.8% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the import price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 51% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Australia ($X per ton) and Fiji ($X per ton), while Marshall Islands ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-4.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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