Australia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Australia

In 2021, the Australian refined maize oil market decreased by -19.6% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then reduced rapidly in the following year.

Refined Maize Oil Production in Australia

In value terms, refined maize oil production reduced remarkably to $X in 2021 estimated in export price. In general, production recorded a slight shrinkage. The growth pace was the most rapid in 2020 when the production volume increased by 65%. As a result, production attained the peak level of $X, and then shrank dramatically in the following year.

Refined Maize Oil Exports

Exports from Australia

In 2021, exports of refined maize (corn) oil from Australia shrank dramatically to X tons, declining by -64.8% on 2020. Over the period under review, exports showed a dramatic setback. The pace of growth was the most pronounced in 2019 with an increase of 1,349%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined maize oil exports reduced remarkably to $X in 2021. Overall, exports faced a precipitous shrinkage. The growth pace was the most rapid in 2019 when exports increased by 1,830%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for refined maize oil exports from Australia, accounting for a 86% share of total exports. Moreover, refined maize oil exports to Singapore exceeded the volume sent to the second major destination, the Philippines (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to -21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-17.4% per year) and Indonesia (-62.5% per year).

In value terms, Singapore ($X) remains the key foreign market for refined maize (corn) oil exports from Australia, comprising 72% of total exports. The second position in the ranking was held by the Philippines ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore stood at -18.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-6.3% per year) and Indonesia (-57.6% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, rising by 23% against the previous year. Overall, the export price, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2019 an increase of 33% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Australia

In 2021, the amount of refined maize (corn) oil imported into Australia reduced remarkably to X tons, falling by -28.8% compared with the year before. In general, imports showed a abrupt decrease. The pace of growth was the most pronounced in 2020 with an increase of 35%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports reduced notably to $X in 2021. Overall, imports recorded a deep contraction. The growth pace was the most rapid in 2020 with an increase of 42%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of refined maize oil to Australia, accounting for a 36% share of total imports. Moreover, refined maize oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, South Africa (X tons), sevenfold. The third position in this ranking was taken by Spain (X tons), with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia totaled -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-12.2% per year) and Spain (-4.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined maize (corn) oil to Australia, comprising 37% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 4.1% share of total imports. It was followed by Hong Kong SAR, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to -11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+1.4% per year) and Hong Kong SAR (+7.0% per year).

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, picking up by 12% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+1.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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