New Zealand: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in New Zealand

In 2022, the New Zealand crude coconut oil market increased by 7.3% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption, however, enjoyed a remarkable increase. Crude coconut oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Crude Coconut Oil Exports

Exports from New Zealand

Crude coconut oil exports from New Zealand soared to X tons in 2022, rising by 1,192% against 2021 figures. In general, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2014 when exports increased by 1,478%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, crude coconut oil exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 2,145%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

New Caledonia (X tons) was the main destination for crude coconut oil exports from New Zealand, accounting for a 87% share of total exports. Moreover, crude coconut oil exports to New Caledonia exceeded the volume sent to the second major destination, Switzerland (X kg), sevenfold. Cook Islands (X kg) ranked third in terms of total exports with a 0.5% share.

From 2012 to 2022, the average annual growth rate of volume to New Caledonia totaled +3,018.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+200.0% per year) and Cook Islands (-30.1% per year).

In value terms, the largest markets for crude coconut oil exported from New Zealand were Switzerland ($X), New Caledonia ($X) and Cook Islands ($X), together comprising 100% of total exports.

New Caledonia, with a CAGR of +1,561.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average crude coconut oil export price stood at $X per ton in 2022, declining by -64.9% against the previous year. In general, the export price, however, posted a measured expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 324%. As a result, the export price attained the peak level of $X per ton, and then dropped sharply in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to New Caledonia ($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 Fiji (+72.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into New Zealand

After two years of growth, supplies from abroad of crude coconut (copra) oil decreased by -10.3% to X tons in 2022. Overall, imports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 113% against the previous year. As a result, imports reached the peak of X tons, and then dropped in the following year.

In value terms, crude coconut oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2021 when imports increased by 204% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Malaysia (X tons), Solomon Islands (X tons) and Indonesia (X tons) were the main suppliers of crude coconut oil imports to New Zealand, with a combined 97% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +262.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Solomon Islands ($X) and the Philippines ($X) were the largest crude coconut oil suppliers to New Zealand, together accounting for 93% of total imports.

Malaysia, with a CAGR of +190.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude coconut oil import price amounted to $X per ton, growing by 31% against the previous year. In general, 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, crude coconut oil import price increased by +87.2% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of 43% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Solomon Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by French Polynesia (+39.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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