China: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in China

The Chinese market for processed petroleum oils and distillates contracted to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in China

In value terms, processed petroleum oils and distillates production shrank modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from China

In 2022, overseas shipments of processed petroleum oils and distillates decreased by -10.5% to X tons, falling for the third year in a row after eight years of growth. Over the period under review, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2016 with an increase of 33% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports, however, showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons) was the main destination for processed petroleum oils and distillates exports from China, accounting for a 20% share of total exports. Moreover, processed petroleum oils and distillates exports to Singapore exceeded the volume sent to the second major destination, Liberia (X tons), threefold. The third position in this ranking was taken by Panama (X tons), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore stood at +18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Liberia (+17.5% per year) and Panama (-4.2% per year).

In value terms, Singapore ($X) remains the key foreign market for processed petroleum oils and distillates exports from China, comprising 20% of total exports. The second position in the ranking was held by Liberia ($X), with a 6.7% share of total exports. It was followed by the Netherlands, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore totaled +17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Liberia (+19.1% per year) and the Netherlands (+23.9% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, increasing by 67% against the previous year. In general, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per ton) and Pakistan ($X per ton), while the average price for exports to Panama ($X per ton) and Liberia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into China

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 16% to X tons, rising for the second consecutive year after two years of decline. In general, imports recorded a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by 42%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 42%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Qatar (X tons), Singapore (X tons) and India (X tons) were the main suppliers of processed petroleum oils and distillates imports to China, with a combined 72% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Qatar (with a CAGR of +83.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), Singapore ($X) and India ($X) were the largest processed petroleum oils and distillates suppliers to China, with a combined 68% share of total imports.

Qatar, with a CAGR of +64.2%, recorded 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, standing approx. at the previous year. Over the period under review, the import price saw a deep downturn. The pace of growth appeared the most rapid in 2017 when the average import price increased by 59%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (-6.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :