While New Zealand is being challenged by high levels of inflation in 2022, this is likely to only be the start of cost of living pressures faced by local consumers in the coming years. While inflation levels are expected to ease heading into the forecast period, a key driver of this is expected to be rising interest rates, with the Reserve Bank of New Zealand expected to raise the Official Cash Rate to 3% by 2023.
According to the Ministry of Foreign Affairs and Trade, New Zealand imports NZD25 million worth of goods per year from Ukraine, with the main one being sunflower oil. Despite the war, Ukraine’s farmers have started to plant for the coming season, although this is only likely to reach approximately 60% of planting compared to the previous year, which means a huge reduction in the amount of sunflower oil that the country will be producing.
While avocado exports have plunged over the past year, this has the potential to drive growth of local avocado oil. Export revenue for the local avocado industry declined by 61% year-on-year, caused by chaotic delays to international shipping and a glut of the fruit in Australia, where prices hit a 15-year low of NZD1 for a single avocado, and making exporting from New Zealand uneconomical.
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This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.See All of Our Definitions
This report originates from Passport, our Edible Oils research and analysis database.
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