New Zealand: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in New Zealand

In 2021, the New Zealand market for formic acid, its salts and esters decreased by -3.7% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, consumption posted significant growth. Over the period under review, the market reached the peak level at $X in 2020, and then dropped in the following year.

Production of Formic Acid, Its Salts And Esters in New Zealand

In value terms, production of formic acid, its salts and esters reduced modestly to $X in 2021 estimated in export price. Over the period under review, production saw resilient growth. The pace of growth was the most pronounced in 2013 when the production volume increased by 70% against the previous year. Over the period under review, production of reached the peak level at $X in 2020, and then shrank slightly in the following year.

Exports of Formic Acid, Its Salts And Esters

Exports from New Zealand

In 2021, overseas shipments of formic acid, its salts and esters increased by 32% to X tons, rising for the third year in a row after two years of decline. Overall, exports, however, faced a abrupt shrinkage. The growth pace was the most rapid in 2015 when exports increased by 128% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, exports, however, showed a pronounced setback. Over the period under review, the exports of hit record highs at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for exports of formic acid, its salts and esters from New Zealand, accounting for a 86% share of total exports. Moreover, exports of formic acid, its salts and esters to India exceeded the volume sent to the second major destination, Fiji (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume to India amounted to +33.7%.

In value terms, India ($X) remains the key foreign market for formic acid, its salts and esters exports from New Zealand, comprising 98% of total exports. The second position in the ranking was taken by Fiji ($X), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at +22.7%.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, rising by 15% against the previous year. Overall, the export price saw a prominent increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 940% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Fiji amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (-8.2%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into New Zealand

In 2021, approx. X tons of formic acid, its salts and esters were imported into New Zealand; rising by 18% against the previous year. Overall, imports, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of 34% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, imports, however, saw a mild shrinkage. Over the period under review, imports of reached the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main formic acid, its salts and esters supplier to New Zealand, with a 92% share of total imports. It was followed by the Netherlands (X tons), with a 2.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+21.2% per year) and Taiwan (Chinese) (-13.6% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to New Zealand, comprising 91% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 2.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+9.8% per year) and Taiwan (Chinese) (-15.8% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, surging by 38% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+17.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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