Chile: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Chile

In 2022, the Chilean market for processed petroleum oils and distillates increased by 32% to $X, rising for the second consecutive year after two years of decline. Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.7% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Production of Processed Petroleum Oils and Distillates in Chile

In value terms, processed petroleum oils and distillates production dropped to $X in 2022 estimated in export price. Overall, production saw a pronounced setback. The most prominent rate of growth was recorded in 2018 when the production volume increased by 25% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Chile

In 2022, overseas shipments of processed petroleum oils and distillates decreased by -8% to X tons, falling for the third consecutive year after three years of growth. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 163%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports, however, posted strong growth. The pace of growth appeared the most rapid in 2021 when exports increased by 210%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), Bolivia (X tons) and Singapore (X tons) were the main destinations of processed petroleum oils and distillates exports from Chile, together accounting for 81% of total exports. Uruguay lagged somewhat behind, comprising a further 1.4%.

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of +21.3%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Bolivia ($X) remains the key foreign market for processed petroleum oils and distillates exports from Chile, comprising 82% of total exports. The second position in the ranking was held by the United States ($X), with an 8.1% share of total exports. It was followed by Singapore, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value to Bolivia totaled +24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.1% per year) and Singapore (+8.4% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, picking up by 170% against the previous year. In general, the export price posted a resilient expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by 306% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bolivia ($X per ton), while the average price for exports to the United States ($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 Malaysia (+68.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Chile

Processed petroleum oils and distillates imports into Chile shrank to X tons in 2022, waning by -9.6% compared with the previous year's figure. Over the period under review, imports, however, showed a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 80%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 80% 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) was the main supplier of processed petroleum oils and distillates to Chile, with a 93% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +7.6%.

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Chile, comprising 89% of total imports. The second position in the ranking was held by Japan ($X), with a 7.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +5.8%.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, increasing by 97% against the previous year. Over the period under review, the import price, however, continues to indicate a mild decline. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.0%).

Source: IndexBox Platform

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