Australia: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Australia

In 2022, the Australian crude coconut oil market increased by 28% to $X, rising for the second consecutive year after four years of decline. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Crude Coconut Oil Production in Australia

In value terms, crude coconut oil production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 2.3% against the previous year. Crude coconut oil production peaked at $X in 2020; afterwards, it flattened through to 2022.

Crude Coconut Oil Exports

Exports from Australia

In 2022, overseas shipments of crude coconut (copra) oil decreased by -21.1% to X tons, falling for the second consecutive year after five years of growth. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 2,082%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude coconut oil exports declined remarkably to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 2,354% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

France (X tons) was the main destination for crude coconut oil exports from Australia, accounting for a 53% share of total exports. Moreover, crude coconut oil exports to France exceeded the volume sent to the second major destination, China (X tons), twofold. Canada (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France totaled +42.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+78.2% per year) and Canada (+25.3% per year).

In value terms, China ($X) remains the key foreign market for crude coconut (copra) oil exports from Australia, comprising 51% of total exports. The second position in the ranking was held by France ($X), with a 24% share of total exports. It was followed by Canada, with a 16% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +92.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+7.7% per year) and Canada (+18.8% per year).

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, which is down by -9.1% against the previous year. Over the period under review, the export price continues to indicate a pronounced reduction. The growth pace was the most rapid in 2014 when the average export price increased by 599% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Singapore ($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 China (+8.2%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Coconut Oil Imports

Imports into Australia

In 2022, supplies from abroad of crude coconut (copra) oil increased by 44% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 169% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, crude coconut oil imports rose notably to $X in 2022. In general, imports posted a mild increase. The most prominent rate of growth was recorded in 2021 with an increase of 286% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Fiji (X tons) constituted the largest supplier of crude coconut oil to Australia, accounting for a 74% share of total imports. Moreover, crude coconut oil imports from Fiji exceeded the figures recorded by the second-largest supplier, Solomon Islands (X tons), fourfold. The third position in this ranking was taken by the Philippines (X tons), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Fiji amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Solomon Islands (+60.0% per year) and the Philippines (-5.5% per year).

In value terms, Fiji ($X) constituted the largest supplier of crude coconut (copra) oil to Australia, comprising 57% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 26% share of total imports. It was followed by Solomon Islands, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Fiji amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+6.4% per year) and Solomon Islands (+51.2% per year).

Import Prices by Country

In 2022, the average crude coconut oil import price amounted to $X per ton, falling by -20.5% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 106% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Fiji ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :