Latin America and the Caribbean: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Latin America and the Caribbean

In 2022, the Latin American market for processed petroleum oils and distillates increased by 21% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, recorded a slight curtailment. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Latin America and the Caribbean

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. Overall, production saw a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 5.1%. The level of 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 in Latin America and the Caribbean

In 2022, approx. X tons of processed petroleum oils and distillates were exported in Latin America and the Caribbean; with an increase of 26% against 2021 figures. Total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.5% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports continue to indicate a modest expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 49% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Mexico (X tons) and Brazil (X tons) dominates exports structure, together mixing up 71% of total exports. Colombia (X tons) held the next position in the ranking, followed by Ecuador (X tons) and Peru (X tons). All these countries together took near 21% share of total exports. The following exporters - Trinidad and Tobago (X tons) and Argentina (X tons) - each accounted for a 3.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Mexico (with a CAGR of +13.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Peru ($X), together comprising 76% of total exports.

Among the main exporting countries, Brazil, with a CAGR of +9.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 17% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the export price increased by 32%. The level of export 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 origin: amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+2.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Latin America and the Caribbean

Processed petroleum oils and distillates imports surged to X tons in 2022, picking up by 39% on the previous year's figure. In general, imports showed a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 67% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Overall, imports showed a tangible increase. The most prominent rate of growth was recorded in 2021 when imports increased by 62% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Mexico was the key importing country with an import of around X tons, which resulted at 36% of total imports. Brazil (X tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by Panama (15%). The following importers - Chile (X tons), Guatemala (X tons), Peru (X tons), Colombia (X tons), Argentina (X tons), Ecuador (X tons) and Bahamas (X tons) - together made up 18% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +17.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates importing markets in Latin America and the Caribbean were Mexico ($X), Panama ($X) and Brazil ($X), with a combined 64% share of total imports.

Among the main importing countries, Panama, with a CAGR of +10.4%, 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 import price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 13% against the previous year. In general, the import price, however, continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of 21%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per ton), while Bahamas ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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