New Zealand: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in New Zealand

The New Zealand refined palm oil market fell to $X in 2022, declining by -10.7% against the previous year. Overall, consumption, however, recorded a remarkable increase. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Refined Palm Oil Production in New Zealand

In value terms, refined palm oil production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, showed resilient growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 356%. Refined palm oil production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from New Zealand

In 2022, overseas shipments of refined palm oil increased by 499% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of 1,461%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, refined palm oil exports surged to $X in 2022. Overall, exports enjoyed a significant increase. The growth pace was the most rapid in 2016 with an increase of 1,299%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Australia (X tons) was the main destination for refined palm oil exports from New Zealand, with a 95% share of total exports. Moreover, refined palm oil exports to Australia exceeded the volume sent to the second major destination, Fiji (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Australia totaled +33.7%.

In value terms, Australia ($X) remains the key foreign market for refined palm oil exports from New Zealand, comprising 89% of total exports. The second position in the ranking was taken by Fiji ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Australia amounted to +32.7%.

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, which is down by -11.5% against the previous year. Over the period under review, the export price, however, recorded a noticeable increase. The most prominent rate of growth was recorded in 2014 an increase of 231%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to Australia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Fiji (+12.6%), while the prices for the other major destinations experienced a decline.

Refined Palm Oil Imports

Imports into New Zealand

In 2022, after two years of growth, there was significant decline in supplies from abroad of refined palm oil, when their volume decreased by -11.3% to X tons. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 46%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, refined palm oil imports surged to $X in 2022. Overall, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 35% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) was the main supplier of refined palm oil to New Zealand, with a 96% share of total imports. It was followed by the Netherlands (X tons), with a 1.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+117.3% per year) and Indonesia (+6.2% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to New Zealand, comprising 94% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+128.7% per year) and Indonesia (+9.7% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, surging by 40% against the previous year. In general, the import price posted a moderate expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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