Peru: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Peru

After two years of growth, the Peruvian market for processed petroleum oils and distillates decreased by -9.6% to $X in 2022. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Production of Processed Petroleum Oils and Distillates in Peru

In value terms, processed petroleum oils and distillates production expanded rapidly to $X in 2022 estimated in export price. In general, production recorded a slight curtailment. The most prominent rate of growth was recorded in 2020 when the production volume increased by 52% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Peru

In 2022, processed petroleum oils and distillates exports from Peru declined markedly to X tons, reducing by -23.1% compared with 2021. Over the period under review, exports, however, enjoyed a noticeable increase. The growth pace was the most rapid in 2013 with an increase of 107% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports reached $X in 2022. Overall, exports continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2017 when exports increased by 55% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), Panama (X tons) and Bolivia (X tons) were the main destinations of processed petroleum oils and distillates exports from Peru, with a combined 57% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +41.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Panama ($X) and Bolivia ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Peru worldwide, together accounting for 59% of total exports.

Bolivia, with a CAGR of +31.6%, 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, rising by 31% against the previous year. In general, the export price, however, recorded a deep reduction. The pace of growth was the most pronounced in 2020 when the average export price increased by 178% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Chile (-2.2%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Peru

Processed petroleum oils and distillates imports into Peru fell sharply to X tons in 2022, which is down by -22.6% against 2021. In general, imports, however, posted strong growth. The growth pace was the most rapid in 2021 with an increase of 82%. As a result, imports reached the peak of X tons, and then fell markedly in the following year.

In value terms, processed petroleum oils and distillates imports reduced markedly to $X in 2022. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +41.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 82% against the previous year. As a result, imports attained the peak of $X, and then fell significantly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of processed petroleum oils and distillates to Peru, with a 88% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+92.9% per year) and South Korea (+7.4% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Peru, comprising 86% of total imports. The second position in the ranking was taken by Canada ($X), with a 3.1% share of total imports. It was followed by South Korea, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+55.3% per year) and South Korea (+1.7% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. The growth pace was the most rapid in 2018 an increase of 21%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Aruba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-5.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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