Australia and Oceania: Wheat Market 2024

Wheat Market Size in Australia and Oceania

The wheat market in Australia and Oceania expanded modestly to $X in 2022, picking up by 3.4% against the previous year. Overall, consumption, however, recorded a noticeable decline. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Wheat Production in Australia and Oceania

In value terms, wheat production fell to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 31%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Australia (X tons) constituted the country with the largest volume of wheat production, accounting for 99% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Australia stood at +1.6%.

The average wheat yield surged to X tons per ha in 2022, growing by 24% against the previous year's figure. The yield indicated a temperate increase from 2012 to 2022: its figure increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat yield increased by +108.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 69%. The level of yield peaked in 2022 and is expected to retain growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of wheat in Australia and Oceania fell to X ha, reducing by -10.9% compared with 2021. Over the period under review, the harvested area showed a pronounced contraction. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Wheat Exports

Exports in Australia and Oceania

In 2022, overseas shipments of wheat increased by 13% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports enjoyed notable growth. The most prominent rate of growth was recorded in 2021 when exports increased by 146% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, wheat exports soared to $X in 2022. Overall, exports continue to indicate a moderate increase. The pace of growth appeared the most rapid in 2021 when exports increased by 164% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

The biggest shipments were from Australia (X tons), together accounting for 99.9% of total export.

Australia was also the fastest-growing in terms of the wheat exports, with a CAGR of +2.0% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) also remains the largest wheat supplier in Australia and Oceania.

From 2012 to 2022, the average annual growth rate of value in Australia amounted to +4.0%.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, jumping by 25% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Australia.

From 2012 to 2022, the rate of growth in terms of prices for Australia amounted to +1.9% per year.

Wheat Imports

Imports in Australia and Oceania

In 2022, supplies from abroad of wheat was finally on the rise to reach X tons after two years of decline. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.8% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 34%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, wheat imports surged to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 41%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

New Zealand was the major importer of wheat in Australia and Oceania, with the volume of imports amounting to X tons, which was near 59% of total imports in 2022. Papua New Guinea (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Fiji (12%). New Caledonia (X tons) held a little share of total imports.

Imports into New Zealand increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, Papua New Guinea (+4.2%) displayed positive paces of growth. Moreover, Papua New Guinea emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +4.2% from 2012-2022. New Caledonia experienced a relatively flat trend pattern. By contrast, Fiji (-2.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Papua New Guinea and New Zealand increased by +4 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X) constitutes the largest market for imported wheat in Australia and Oceania, comprising 61% of total imports. The second position in the ranking was held by Fiji ($X), with a 19% share of total imports. It was followed by Papua New Guinea, with a 17% share.

From 2012 to 2022, the average annual growth rate of value in New Zealand totaled +5.0%. The remaining importing countries recorded the following average annual rates of imports growth: Fiji (+2.6% per year) and Papua New Guinea (+3.2% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2022, with an increase of 23% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat import price increased by +68.0% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Fiji ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Fiji (+4.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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