Australia: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Australia

The Australian crude soybean oil market fell to $X in 2022, declining by -14.4% against the previous year. In general, consumption saw a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in Australia

In value terms, crude soybean oil production dropped to $X in 2022 estimated in export price. Overall, production showed a deep contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 16%. Crude soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from Australia

In 2022, overseas shipments of crude soybean oil decreased by -7.6% to X tons, falling for the third year in a row after two years of growth. Overall, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of 467% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. In general, exports saw a perceptible descent. The growth pace was the most rapid in 2013 when exports increased by 8,336% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Papua New Guinea (X kg) was the main destination for crude soybean oil exports from Australia, accounting for a 47% 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 United Arab Emirates (X kg) ranked third in terms of total exports with a 22% share.

From 2012 to 2022, the average annual growth rate of volume to Papua New Guinea amounted to -17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nauru (-58.8% per year) and the United Arab Emirates (0.0% per year).

In value terms, Papua New Guinea ($X), the United Arab Emirates ($X) and Nauru ($X) were the largest markets for crude soybean oil exported from Australia worldwide, with a combined 89% share of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, rising by 64% against the previous year. Overall, the export price recorded a prominent increase. The growth pace was the most rapid in 2013 an increase of 1,387% against the previous year. 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 lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Timor-Leste ($X per ton), while the average price for exports to Papua New Guinea ($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 Timor-Leste (+123.7%), 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 sharply to X tons, dropping by -27.7% on 2021. In general, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 37%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports shrank to $X in 2022. Overall, imports showed a noticeable reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 105%. 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 supplier of crude soybean oil to Australia, accounting for a 74% 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 rate of growth in terms of volume from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+19.4% per year) and China (+133.9% per year).

In value terms, Argentina ($X) constituted the largest supplier of crude soybean oil to Australia, comprising 68% of total imports. The second position in the ranking was held by Germany ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+87.4% per year) and China (+177.0% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, with an increase of 31% against the previous year. In general, the import price saw a noticeable expansion. The pace of growth was the most pronounced in 2021 when the average import price increased by 50% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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 (+57.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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