Latvia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Latvia

The Latvian market for processed petroleum oils and distillates skyrocketed to $X in 2022, jumping by 73% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a pronounced reduction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Latvia

In 2022, shipments abroad of processed petroleum oils and distillates increased by 26% to X tons, rising for the third consecutive year after four years of decline. Over the period under review, exports, however, saw a pronounced downturn. The growth pace was the most rapid in 2021 when exports increased by 44% against the previous year. 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. Overall, exports, however, continue to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 114% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X tons), Ukraine (X tons) and Germany (X tons) were the main destinations of processed petroleum oils and distillates exports from Latvia, together comprising 77% of total exports. Estonia, Hungary, the UK and Poland lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +101.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Ukraine ($X) and Germany ($X) constituted the largest markets for processed petroleum oils and distillates exported from Latvia worldwide, with a combined 76% share of total exports. Estonia, the UK, Hungary and Poland lagged somewhat behind, together accounting for a further 9.9%.

Hungary, with a CAGR of +89.6%, saw 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

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, surging by 67% against the previous year. In general, the export price posted a slight expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Estonia ($X per ton) and Poland ($X per ton), while the average price for exports to Hungary ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Afghanistan (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Latvia

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Latvia; with an increase of 71% compared with 2021. Over the period under review, imports enjoyed pronounced growth. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. In general, imports, however, showed a abrupt shrinkage. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest processed petroleum oils and distillates supplier to Latvia, accounting for a 61% share of total imports. Moreover, processed petroleum oils and distillates imports from Lithuania exceeded the figures recorded by the second-largest supplier, Finland (X tons), twofold. Kazakhstan (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania stood at +23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+28.9% per year) and Kazakhstan (+15.1% per year).

In value terms, Lithuania ($X) constituted the largest supplier of processed petroleum oils and distillates to Latvia, comprising 74% of total imports. The second position in the ranking was held by Finland ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value from Lithuania totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+10.8% per year) and the Netherlands (+49.7% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the import price saw a abrupt curtailment. The pace of growth was the most pronounced in 2018 when the average import price increased by 34%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Lithuania ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (-7.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform