Hong Kong SAR, China: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Hong Kong SAR, China

In 2022, the Hong Kong market for processed petroleum oils and distillates increased by 28% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Hong Kong SAR, China

In 2022, shipments abroad of processed petroleum oils and distillates decreased by -9.2% to X tons, falling for the third consecutive year after six years of growth. Overall, exports recorded a pronounced decline. The growth pace was the most rapid in 2019 when exports increased by 10% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. In general, exports continue to indicate a perceptible setback. The pace of growth was the most pronounced in 2021 when exports increased by 35%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for processed petroleum oils and distillates exports from Hong Kong SAR, accounting for a 52% share of total exports. Moreover, processed petroleum oils and distillates exports to China exceeded the volume sent to the second major destination, Japan (X tons), fourfold. The third position in this ranking was held by South Korea (X tons), with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+40.6% per year) and South Korea (+53.6% per year).

In value terms, China ($X) remains the key foreign market for processed petroleum oils and distillates exports from Hong Kong SAR, comprising 51% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by South Korea, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+36.3% per year) and South Korea (+49.0% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, jumping by 31% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 47% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Macao SAR ($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 Singapore (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 27% to X tons, rising for the second year in a row after two years of decline. Overall, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.6% against 2020 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 38% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2021 with an increase of 32%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest processed petroleum oils and distillates supplier to Hong Kong SAR, accounting for a 78% share of total imports. Moreover, processed petroleum oils and distillates imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-3.0% per year) and Japan (-7.9% per year).

In value terms, China ($X) constituted the largest supplier of processed petroleum oils and distillates to Hong Kong SAR, comprising 79% of total imports. The second position in the ranking was taken by Singapore ($X), with a 14% share of total imports. It was followed by Japan, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-11.3% per year) and Japan (-14.1% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the import price, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 63% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-6.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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