Soybean oil and fractions market in Australia and New Zealand

Earlier Report Observations

The market volume for soybean oil and fractions in Australia and New Zealand experienced notable fluctuations between 2018 and 2023. After starting at 43 419 t in 2018, consumption declined over the next two years to a low of 34 862 t in 2020. This was followed by a recovery phase, with volumes rising to 42 099 t in 2022, the highest point in the period, before contracting again to 38 437 t in 2023.

Domestic production showed a contrasting trajectory, particularly from 2021 onward. Output fell from 4 900 t in 2018 to 2 700 t in 2020, but then expanded rapidly, more than doubling to reach 7 800 t by 2023. Meanwhile, import volumes, which constitute the largest share of supply, generally trended downward from their 2018 level of nearly 40 000 t, with annual variations influencing the overall market size.

Production soybean oil and fractions in Australia and New Zealand

In kind, 2018-2021, t

Top producers of soybean oil and fractions, 2018-2021

World map of production of soybean oil and fractions, 2018-2021

Soybean oil and fractions production in Australia and New Zealand declined for two consecutive years before rebounding. In 2021, production reached 4 200 tonnes, marking a dramatic 55.6% increase compared to 2020. Looking at the broader period from 2018 to 2021, production decreased by 14.3%, which translates to an annualized decline of 5.0%. The lowest production level was recorded in 2020 at 2 700 tonnes, with the largest year-on-year drop occurring in 2019 at 32.7%.

Annual dynamics of production in Australia and New Zealand in kind, 2018-2021, t

In value, 2018-2021, K $ US

The market showed significant volatility during this period. Import levels fluctuated 2.3 times between the peak in 2018 and the trough in 2020. In 2021, the output value of soybean oil and fractions in Australia and New Zealand was 6 763 thousand US dollars, representing an intense 90.2% increase from the previous year. The minimum value was recorded in 2020 at 3 556 thousand US dollars, while the largest decline occurred in 2019 at 43.6%.

Annual dynamics of production in Australia and New Zealand in value, 2018-2021, K $ US

Exports soybean oil and fractions from Australia and New Zealand

Exports in kind, t

Market performance exhibited noticeable fluctuations throughout the period. Exports varied by 3 times between the high in 2019 and the low in 2020. In 2021, foreign supplies of soybean oil and fractions from Australia and New Zealand amounted to 859 tonnes, showing a sharp 60.0% increase compared to the previous year. The minimum value was recorded in 2020 at 537 tonnes, while the maximum was in 2019 at 1 618 tonnes. The largest decline occurred in 2020 at 66.8%.

Annual dynamics of product's exports from Australia and New Zealand in kind, 2018-2021, t

From 2018 to 2021, Indonesia dominated the country structure of exports in kind, accounting for 80.1% of total flows. Other destinations represented relatively small shares.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Australia and New Zealand in kind, 2018-2021

Exports in value, K $ US

The market displayed an unstable trend throughout the timeframe. Export volumes varied 3.6 times between the high in 2018 and the low in 2020. In 2021, soybean oil and fractions exports from Australia and New Zealand reached 1 344 thousand US dollars, constituting a 120.4% year-over-year improvement. The minimum value was recorded in 2020 at 610 thousand US dollars, with the largest decline also occurring in 2020 at 61.8%.

Annual dynamics of product's exports from Australia and New Zealand in value, 2018-2021, K $ US

Throughout 2018–2021, Indonesia dominated the partner structure for exports in value terms, holding an 80.1% share of total flows. Other markets had comparatively modest shares.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Australia and New Zealand in value, 2018-2021

Imports soybean oil and fractions to Australia and New Zealand

Imports in kind, t

After a two-year decline, soybean oil and fractions imports into Australia and New Zealand increased. In 2021, import volume stood at 34 681 tonnes, equivalent to a 6.1% year-over-year increase. Between 2018 and 2021, imports decreased by 13.2%, which equates to an annualized decline of 4.6%. The minimum value was recorded in 2020 at 32 699 tonnes, with the largest decline occurring in 2020 at 9.6%.

Annual dynamics of product's imports to Australia and New Zealand in kind, 2018-2021, t

From 2018 to 2021, the country structure of imports in kind was strongly focused on Malaysia, which accounted for 71.8% of total flows. Other partners made up the remaining volume.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Australia and New Zealand in kind, 2018-2021

Imports in value, K $ US

After a two-year fall, cross-border shipments of soybean oil and fractions into Australia and New Zealand increased. In 2021, imports totaled 48 813 thousand US dollars, constituting a steep 43.6% increase compared to the previous year. Between 2018 and 2021, imports increased by 16.4%, equating to an annualized growth rate of 5.2%. The minimum value was recorded in 2020 at 33 998 thousand US dollars, while the largest decline occurred in 2019 at 15.3%.

Annual dynamics of product's imports to Australia and New Zealand in value, 2018-2021, K $ US

From 2018 to 2021, Malaysia concentrated most imports in value terms, taking 72.8% of total flows. Other markets formed a fragmented tail.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Australia and New Zealand in value, 2018-2021