Ecuador: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Ecuador

The Ecuadorian market for processed petroleum oils and distillates dropped to $X in 2022, reducing by -13.5% against the previous year. Over the period under review, consumption recorded a perceptible slump. Processed petroleum oils and distillates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Ecuador

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. In general, production saw a abrupt descent. The most prominent rate of growth was recorded in 2021 when the production volume increased by 27% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Ecuador

In 2022, the amount of processed petroleum oils and distillates exported from Ecuador shrank to X tons, declining by -12.1% compared with the previous year's figure. Overall, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 145%. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, processed petroleum oils and distillates exports contracted significantly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 137% against the previous year. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

Panama (X tons), the United States (X tons) and Nicaragua (X tons) were the main destinations of processed petroleum oils and distillates exports from Ecuador, with a combined 89% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Nicaragua (with a CAGR of +34.3%), 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 Ecuador were Panama ($X), the United States ($X) and Nicaragua ($X), with a combined 87% share of total exports.

Nicaragua, with a CAGR of +33.7%, 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 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, which is down by -19.1% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2021 an increase of 80%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Honduras ($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 Nicaragua (-0.4%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Ecuador

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Ecuador; shrinking by -20.4% on the year before. Overall, imports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 69%. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, processed petroleum oils and distillates imports shrank notably to $X in 2022. In general, imports showed a noticeable contraction. The growth pace was the most rapid in 2021 with an increase of 69%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest processed petroleum oils and distillates supplier to Ecuador, with a 53% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, Panama (X tons), fivefold. The third position in this ranking was taken by Russia (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-1.3% per year) and Russia (+24.8% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Ecuador, comprising 49% of total imports. The second position in the ranking was held by Russia ($X), with an 8.8% share of total imports. It was followed by Panama, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+20.2% per year) and Panama (-11.6% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, approximately mirroring the previous year. Overall, the import price, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 31% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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 China ($X per ton), while the price for Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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