New Zealand: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in New Zealand

The New Zealand market for processed petroleum oils and distillates surged to $X in 2022, jumping by 56% against the previous year. Overall, consumption continues to indicate a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in New Zealand

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by 52% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from New Zealand

In 2022, overseas shipments of processed petroleum oils and distillates increased by 42% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 324%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports, however, saw a pronounced downturn. The growth pace was the most rapid in 2021 with an increase of 326% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons), Australia (X tons) and Cook Islands (X tons) were the main destinations of processed petroleum oils and distillates exports from New Zealand, together accounting for 95% of total exports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +8.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for processed petroleum oils and distillates exported from New Zealand were Singapore ($X), Australia ($X) and Cook Islands ($X), together accounting for 91% of total exports. Niue lagged somewhat behind, accounting for a further 2.7%.

Among the main countries of destination, Niue, with a CAGR of +5.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, rising by 8.5% against the previous year. In general, the export price, however, recorded a slight descent. The pace of growth appeared the most rapid in 2019 an increase of 73% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

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 Niue ($X per ton), while the average price for exports to Singapore ($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 Niue (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Processed Petroleum Oils and Distillates

Imports into New Zealand

In 2022, purchases abroad of processed petroleum oils and distillates increased by 197% to X tons, rising for the second year in a row after two years of decline. Overall, imports recorded a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports enjoyed a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Singapore (X tons) constituted the largest supplier of processed petroleum oils and distillates to New Zealand, with a 77% share of total imports. Moreover, processed petroleum oils and distillates imports from Singapore exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. China (X tons) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore stood at +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+41.5% per year) and China (+41.6% per year).

In value terms, Singapore ($X) constituted the largest supplier of processed petroleum oils and distillates to New Zealand, comprising 76% of total imports. The second position in the ranking was taken by Japan ($X), with a 12% share of total imports. It was followed by Brunei Darussalam, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore stood at +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.5% per year) and Brunei Darussalam (+393.0% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, stabilizing at the previous year. In general, the import price, however, saw a deep setback. The most prominent rate of growth was recorded in 2017 an increase of 61% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Singapore ($X per ton), while the price for China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-8.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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