Guatemala: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Guatemala

The Guatemalan market for processed petroleum oils and distillates soared to $X in 2022, picking up by 45% against the previous year. Overall, consumption saw prominent growth. Processed petroleum oils and distillates consumption peaked in 2022 and is likely to continue growth in the near future.

Production of Processed Petroleum Oils and Distillates in Guatemala

In value terms, processed petroleum oils and distillates production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 21%. 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 Guatemala

Processed petroleum oils and distillates exports from Guatemala contracted dramatically to X tons in 2022, shrinking by -17.3% on 2021 figures. In general, exports, however, posted mild growth. The most prominent rate of growth was recorded in 2014 with an increase of 163%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Over the period under review, exports, however, saw a noticeable expansion. The growth pace was the most rapid in 2021 when exports increased by 233% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Belize (X tons) was the main destination for processed petroleum oils and distillates exports from Guatemala, with a 54% share of total exports. Moreover, processed petroleum oils and distillates exports to Belize exceeded the volume sent to the second major destination, El Salvador (X tons), threefold. The third position in this ranking was held by Honduras (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belize totaled +137.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+18.8% per year) and Honduras (+14.2% per year).

In value terms, Belize ($X) remains the key foreign market for processed petroleum oils and distillates exports from Guatemala, comprising 51% of total exports. The second position in the ranking was taken by El Salvador ($X), with a 19% share of total exports. It was followed by Nicaragua, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Belize totaled +146.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+14.3% per year) and Nicaragua (+7.3% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, growing by 40% against the previous year. In general, the export price recorded mild growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Panama ($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 the United States (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Guatemala

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Guatemala; increasing by 45% compared with the previous year's figure. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 89%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports posted prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 89%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue 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 Guatemala, with a 94% share of total imports. It was followed by Estonia (X tons), with a 1.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +19.7%.

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Guatemala, comprising 91% of total imports. The second position in the ranking was held by Estonia ($X), with a 2.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +8.5%.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, approximately equating the previous year. In general, the import price showed a abrupt shrinkage. The growth pace was the most rapid in 2015 when the average import price increased by 5.2%. Over the period under review, average import prices reached the peak figure 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 country with the highest price was Estonia ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+15.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform