Argentina: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Argentina

The Argentinian market for processed petroleum oils and distillates dropped to $X in 2022, with a decrease of -7.1% against the previous year. Over the period under review, consumption continues to indicate a perceptible slump. Processed petroleum oils and distillates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Argentina

In value terms, processed petroleum oils and distillates production declined modestly to $X in 2022 estimated in export price. Overall, production recorded a drastic downturn. The pace of growth was the most pronounced in 2021 when the production volume increased by 9.7% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Argentina

In 2022, the amount of processed petroleum oils and distillates exported from Argentina contracted to X tons, which is down by -12.6% compared with 2021 figures. Overall, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 53% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports amounted to $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 65%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Paraguay (X tons) and Ecuador (X tons) were the main destinations of processed petroleum oils and distillates exports from Argentina, together comprising 66% of total exports. Brazil, the Netherlands, Chile and Belgium lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +279.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Argentina were Paraguay ($X), the United States ($X) and Ecuador ($X), together accounting for 64% of total exports. Brazil, Chile, the Netherlands and Belgium lagged somewhat behind, together comprising a further 24%.

Belgium, with a CAGR of +173.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, picking up by 31% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 101%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Paraguay (+0.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Processed Petroleum Oils and Distillates

Imports into Argentina

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Argentina; falling by -18.6% compared with the year before. In general, imports, however, saw prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of 227% against the previous year. As a result, imports attained the peak of X tons, and then contracted sharply in the following year.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 227% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of processed petroleum oils and distillates to Argentina, accounting for a 54% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sixfold. Brazil (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+6.1% per year) and Brazil (+2.7% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Argentina, comprising 49% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 10% share of total imports. It was followed by Brazil, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+6.0% per year) and Brazil (+4.2% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, surging by 108% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Finland ($X per ton) and Brazil ($X per ton), while the price for the United States ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+9.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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