New Zealand: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in New Zealand

The New Zealand taro (cocoyam) market expanded sharply to $X in 2022, growing by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) consumption increased by +92.2% against 2015 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the immediate term.

Taro (Cocoyam) Exports

Exports from New Zealand

In 2019, overseas shipments of taro were finally on the rise to reach X kg for the first time since 2013, thus ending a five-year declining trend. Over the period under review, exports, however, showed a noticeable shrinkage. Over the period under review, the (cocoyam) exports attained the peak figure at X kg in 2013; however, from 2014 to 2019, the exports remained at a lower figure.

In value terms, taro (cocoyam) exports surged to $X in 2019. Overall, exports posted slight growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Samoa (X kg) was the main destination for taro (cocoyam) exports from New Zealand, accounting for a approx. 100% share of total exports.

From 2013 to 2019, the average annual rate of growth in terms of volume to Samoa was relatively modest.

In value terms, Samoa ($X) emerged as the key foreign market for taro exports from New Zealand.

From 2013 to 2019, the average annual growth rate of value to Samoa was relatively modest.

Export Prices by Country

The average taro (cocoyam) export price stood at $X per ton in 2019, dropping by -5.8% against the previous year. Overall, export price indicated temperate growth from 2013 to 2019: its price increased at an average annual rate of +3.9% over the last six years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, taro (cocoyam) export price decreased by -33.8% against 2015 indices. The most prominent rate of growth was recorded in 2015 an increase of 54% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2019, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Samoa.

From 2013 to 2019, the rate of growth in terms of prices for Norfolk Island amounted to +87.4% per year.

Taro (Cocoyam) Imports

Imports into New Zealand

After two years of decline, purchases abroad of taro increased by 0.7% to X tons in 2022. Overall, imports, however, saw a noticeable decrease. The growth pace was the most rapid in 2018 when imports increased by 36%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, taro (cocoyam) imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) imports increased by +104.5% against 2015 indices. The pace of growth was the most pronounced in 2018 with an increase of 52% against the previous year. Over the period under review, (cocoyam) imports reached the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Fiji (X tons) constituted the largest supplier of taro (cocoyam) to New Zealand, accounting for a 71% share of total imports. Moreover, taro (cocoyam) imports from Fiji exceeded the figures recorded by the second-largest supplier, Tonga (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Fiji amounted to -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Tonga (-1.0% per year) and Samoa (+15.0% per year).

In value terms, Fiji ($X) constituted the largest supplier of taro to New Zealand, comprising 83% of total imports. The second position in the ranking was taken by Samoa ($X), with a 9.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Fiji totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Samoa (+20.2% per year) and Tonga (-3.4% per year).

Import Prices by Country

The average taro (cocoyam) import price stood at $X per ton in 2022, picking up by 15% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, taro (cocoyam) import price increased by +17.2% against 2016 indices. The growth pace was the most rapid in 2016 an increase of 26% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Fiji (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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