Thailand - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingThailand's Crude Oil Imports Drop Significantly to $32.8 Billion in 2023
Thailand Crude Oil Imports
In 2023, approx. 58M tons of crude petroleum oil were imported into Thailand; increasing by 9.1% on the year before. Over the period under review, imports recorded a pronounced increase. The pace of growth was the most pronounced in 2019 when imports increased by 619% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the immediate term.
In value terms, crude oil imports fell to $32.8B (IndexBox estimates) in 2023. In general, imports, however, continue to indicate a mild setback. The pace of growth appeared the most rapid in 2022 with an increase of 55%. Over the period under review, imports hit record highs at $38.9B in 2013; however, from 2014 to 2023, imports failed to regain momentum.
| COUNTRY | Import Value of Crude Oil in Thailand (billion USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| United Arab Emirates | 15.8 | 10.6 | 6.6 | 4.5 | 5.4 | 8.4 | 5.6 | 4.1 | 6.3 | 14.0 | 14.0 |
| Saudi Arabia | 6.6 | 5.9 | 3.8 | 3.5 | 4.4 | 5.6 | 4.2 | 2.8 | 4.3 | 5.0 | 4.7 |
| United States | N/A | 0.1 | N/A | 0.1 | 0.3 | 1.2 | 1.9 | 1.5 | 1.6 | 2.8 | 3.8 |
| Malaysia | 2.0 | 1.7 | 2.2 | 1.3 | 1.7 | 1.8 | 1.7 | 0.9 | 1.1 | 2.1 | 2.2 |
| Indonesia | 1.6 | 1.2 | 1.1 | 0.9 | 1.1 | 1.2 | 0.8 | 0.6 | 1.4 | 1.3 | 1.5 |
| Libya | 0.1 | N/A | N/A | N/A | 0.1 | 0.4 | 0.4 | 0.3 | 1.0 | 1.8 | 1.3 |
| Australia | 1.2 | 1.9 | 0.9 | 0.6 | 0.6 | 1.7 | 0.7 | 0.8 | 1.0 | 1.3 | 1.2 |
| Qatar | 1.8 | 1.6 | 1.2 | 1.0 | 1.0 | 1.6 | 1.3 | 0.5 | 0.8 | 1.2 | 0.4 |
| Others | 9.9 | 10.2 | 3.7 | 2.8 | 4.1 | 6.0 | 4.2 | 4.6 | 5.9 | 6.8 | 3.6 |
| Total | 38.9 | 33.2 | 19.5 | 14.7 | 18.8 | 27.8 | 20.9 | 16.2 | 23.4 | 36.3 | 32.8 |
Imports by Country
In 2023, the United Arab Emirates (25M tons) constituted the largest supplier of crude oil to Thailand, with a 43% share of total imports. Moreover, crude oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (8.5M tons), threefold. The third position in this ranking was taken by the United States (6.7M tons), with a 12% share.
From 2013 to 2023, the average annual growth rate of volume from the United Arab Emirates amounted to +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+0.9% per year) and the United States (+66.4% per year).
In value terms, the United Arab Emirates ($14B) constituted the largest supplier of crude petroleum oil to Thailand, comprising 43% of total imports. The second position in the ranking was held by Saudi Arabia ($4.7B), with a 14% share of total imports. It was followed by the United States, with a 12% share.
From 2013 to 2023, the average annual growth rate of value from the United Arab Emirates amounted to -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-3.3% per year) and the United States (+60.0% per year).
Import Prices by Country
In 2023, the crude oil price stood at $564 per ton (CIF, Thailand), with a decrease of -17.2% against the previous year. Over the period under review, the import price recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2018 when the average import price increased by 447%. As a result, import price attained the peak level of $4,533 per ton. From 2019 to 2023, the average import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Libya ($601 per ton) and Malaysia ($590 per ton), while the price for Australia ($534 per ton) and Saudi Arabia ($554 per ton) were amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Russia (-2.6%), while the prices for the other major suppliers experienced a decline.
This report provides an in-depth analysis of the crude oil market in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- Thailand
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Thailand
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption In 2012-2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
- Trade Balance, In Physical Terms, 2012-2024
- Trade Balance, In Value Terms, 2012-2024
- Per Capita Consumption, 2012-2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
