Report Update Jun 1, 2025

Hong Kong SAR, China - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Hong Kong SAR, China: Crude Oil Market 2025

Crude Oil Market Size in Hong Kong SAR, China

In 2022, the Hong Kong crude oil market increased by 1.6% to $X, rising for the fourth year in a row after two years of decline. Overall, consumption showed resilient growth. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Crude Oil Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of crude petroleum oil decreased by -65.2% to X kg, falling for the fourth consecutive year after three years of growth. Overall, exports continue to indicate a sharp descent. The pace of growth was the most pronounced in 2018 when exports increased by 75%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude oil exports surged to $X in 2022. In general, exports continue to indicate a dramatic setback. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X kg) was the main destination for crude oil exports from Hong Kong SAR, accounting for a 48% share of total exports. Moreover, crude oil exports to Belgium exceeded the volume sent to the second major destination, the Netherlands (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belgium was relatively modest.

In value terms, Belgium ($X) emerged as the key foreign market for crude petroleum oil exports from Hong Kong SAR, comprising 46% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 4.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Belgium was relatively modest.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, picking up by 477% against the previous year. Over the period under review, the export price continues to indicate a prominent increase. 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 overseas markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to the Netherlands totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Solomon Islands (+20.5%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of crude petroleum oil were imported into Hong Kong SAR; growing by 1.8% compared with 2021 figures. Overall, imports recorded a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of 167%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil imports totaled $X in 2022. Over the period under review, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.2% against 2020 indices. The pace of growth was the most pronounced in 2016 when imports increased by 167% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) was the main crude oil supplier to Hong Kong SAR, accounting for a approx. 99.9% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Canada totaled +29.0%.

In value terms, Canada ($X) constituted the largest supplier of crude petroleum oil to Hong Kong SAR.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada totaled +19.2%.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2014 an increase of 30%. 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.

As there is only one major supplying country, the average price level is determined by prices for Canada.

From 2012 to 2022, the rate of growth in terms of prices for Russia amounted to +12.5% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, together accounting for 45% of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together accounting for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, together accounting for 42% of global production.

What are the leading suppliers of crude petroleum oil to Hong Kong SAR, China?

In value terms, Canada constituted the largest supplier of crude oil to Hong Kong SAR.

What is the average export price for crude petroleum oil in Hong Kong SAR, China?

The average crude oil export price stood at $465 per ton in 2021, standing approx. at the previous year.

What is the average import price for crude petroleum oil in Hong Kong SAR, China?

In 2021, the average crude oil import price amounted to $421 per ton, approximately reflecting the previous year.

This report provides an in-depth analysis of the crude oil market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Hong Kong SAR

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Hong Kong SAR, China
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND THE AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and its Prospects
1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
2. MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
3. TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
4. PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
5. MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

Finding New Products to Diversify Your Business
- This Chapter is Available Only for the Professional EditionPRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCTS
4. MOST TRADED PRODUCTS
5. MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
- This Chapter is Available Only for the Professional EditionPRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Export
- This Chapter is Available Only for the Professional EditionPRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS

The Largest Import Supplying Countries
1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS

The Largest Destinations for Exports
1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
- This Chapter is Available Only for the Professional EditionPRO
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
4. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
3. Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
4. Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
5. Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
6. Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
7. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
8. Market Volume Forecast to 2035
9. Market Value Forecast to 2035
10. Market Size and Growth, By Product
11. Average Per Capita Consumption, By Product
12. Exports and Growth, By Product
13. Export Prices and Growth, By Product
14. Production Volume and Growth
15. Exports and Growth
16. Export Prices and Growth
17. Market Size and Growth
18. Per Capita Consumption
19. Imports and Growth
20. Import Prices
21. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
22. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
23. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
24. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country, 2012–2024
29. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
30. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country, 2012–2024