Bangladesh: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Bangladesh

The Bangladeshi market for processed petroleum oils and distillates fell remarkably to $X in 2022, waning by -29.1% against the previous year. Overall, consumption, however, showed prominent growth. As a result, consumption attained the peak level of $X, and then contracted remarkably in the following year.

Production of Processed Petroleum Oils and Distillates in Bangladesh

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production showed a mild setback. The growth pace was the most rapid in 2017 when the production volume increased by 30% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Bangladesh

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Bangladesh; with a decrease of -45.3% on the previous year. In general, exports, however, recorded pronounced growth. The most prominent rate of growth was recorded in 2021 with an increase of 956%. As a result, the exports reached the peak of X tons, and then fell significantly in the following year.

In value terms, processed petroleum oils and distillates exports dropped significantly to $X in 2022. Overall, exports recorded a pronounced setback. The pace of growth was the most pronounced in 2021 when exports increased by 471%. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

Singapore (X tons) was the main destination for processed petroleum oils and distillates exports from Bangladesh, with a 2.4% share of total exports. Moreover, processed petroleum oils and distillates exports to Singapore exceeded the volume sent to the second major destination, Myanmar (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore amounted to +80.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-2.5% per year) and India (-29.4% per year).

In value terms, the largest markets for processed petroleum oils and distillates exported from Bangladesh were Singapore ($X), Myanmar ($X) and India ($X), together accounting for 3.9% of total exports.

Singapore, with a CAGR of +87.8%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, increasing by 7.3% against the previous year. In general, the export price, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2019 when the average export price increased by 9.9% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Myanmar ($X per ton), while the average price for exports to India ($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 Japan (+30.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Bangladesh

In 2022, processed petroleum oils and distillates imports into Bangladesh declined significantly to X tons, with a decrease of -28.6% on the previous year's figure. Over the period under review, imports, however, posted a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 133%. As a result, imports reached the peak of X tons, and then reduced remarkably in the following year.

In value terms, processed petroleum oils and distillates imports declined notably to $X in 2022. In general, imports, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 227%. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

Singapore (X tons), China (X tons) and India (X tons) were the main suppliers of processed petroleum oils and distillates imports to Bangladesh, with a combined 49% share of total imports. Japan lagged somewhat behind, accounting for a further 3.2%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +140.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates suppliers to Bangladesh were Singapore ($X), China ($X) and India ($X), together comprising 50% of total imports. These countries were followed by Japan, which accounted for a further 3.8%.

Japan, with a CAGR of +96.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, reducing by -8.6% against the previous year. Over the period under review, the import price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2017 an increase of 92%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per ton) and Japan ($X per ton), while the price for Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-2.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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