Hungary: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Hungary

The Hungarian market for processed petroleum oils and distillates rose notably to $X in 2022, picking up by 11% against the previous year. In general, consumption recorded a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked in 2022 and is likely to continue growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Hungary

In value terms, processed petroleum oils and distillates production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable decline. The pace of growth was the most pronounced in 2018 when the production volume increased by 21% against the previous year. Over the period under review, production hit record highs 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 Hungary

In 2022, overseas shipments of processed petroleum oils and distillates decreased by -20.7% to X tons, falling for the fourth year in a row after two years of growth. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 23% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. Overall, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 49%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Romania (X tons), Austria (X tons) and Serbia (X tons) were the main destinations of processed petroleum oils and distillates exports from Hungary, with a combined 43% share of total exports. Ukraine, Slovakia, Slovenia, Germany, Poland, Croatia, the UK and Italy lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +14.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Serbia ($X) and Ukraine ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Hungary worldwide, together comprising 39% of total exports. Austria, Slovakia, Slovenia, Germany, Poland, Croatia, the UK and Italy lagged somewhat behind, together accounting for a further 46%.

The UK, with a CAGR of +17.2%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, growing by 60% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Austria ($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 UK (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Hungary

In 2022, imports of processed petroleum oils and distillates into Hungary soared to X tons, jumping by 35% on the previous year. In general, imports saw a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of 46% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 46% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Slovakia (X tons), Austria (X tons) and Romania (X tons) were the main suppliers of processed petroleum oils and distillates imports to Hungary, together accounting for 67% of total imports. Germany, Slovenia, the Czech Republic, Bulgaria and Croatia lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +34.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Slovakia ($X), Austria ($X) and Romania ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Hungary, with a combined 64% share of total imports. Germany, Slovenia, the Czech Republic, Bulgaria and Croatia lagged somewhat behind, together comprising a further 29%.

Among the main suppliers, the Czech Republic, with a CAGR of +24.0%, saw the highest growth rate of the value of imports, 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, stabilizing at the previous year. Over the period under review, the import price showed a deep slump. The most prominent rate of growth was recorded in 2018 when the average import price increased by 28%. The import price peaked at $X per ton in 2012; however, from 2013 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 Bulgaria ($X per ton) and the Czech Republic ($X per ton), while the price for Romania ($X per ton) and Croatia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (-7.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :