Philippines: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the Philippines

In 2022, the Philippine market for processed petroleum oils and distillates increased by 42% to $X, rising for the second consecutive year after two years of decline. In general, consumption saw a resilient expansion. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Production of Processed Petroleum Oils and Distillates in the Philippines

In value terms, processed petroleum oils and distillates production fell notably to $X in 2022 estimated in export price. Over the period under review, production recorded a deep slump. The growth pace was the most rapid in 2021 when the production volume increased by 43%. Processed petroleum oils and distillates production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from the Philippines

Processed petroleum oils and distillates exports from the Philippines expanded rapidly to X tons in 2022, with an increase of 5.5% compared with the previous year's figure. Over the period under review, exports, however, recorded a dramatic setback. The growth pace was the most rapid in 2013 when exports increased by 83%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports, however, faced a sharp slump. The most prominent rate of growth was recorded in 2017 with an increase of 101% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for processed petroleum oils and distillates exports from the Philippines, accounting for a 86% share of total exports. Moreover, processed petroleum oils and distillates exports to Malaysia exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. The third position in this ranking was held by Singapore (X tons), with a 3% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia stood at -27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-4.6% per year) and Singapore (-52.0% per year).

In value terms, Malaysia ($X) remains the key foreign market for processed petroleum oils and distillates exports from the Philippines, comprising 86% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 8.9% share of total exports. It was followed by Myanmar, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled -22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+0.4% per year) and Myanmar (+14.9% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, surging by 15% against the previous year. Overall, the export price saw a remarkable increase. The most prominent rate of growth was recorded in 2021 an increase of 337%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

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 South Korea ($X per ton), while the average price for exports to Singapore ($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 South Korea (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into the Philippines

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 54% to X tons, rising for the third consecutive year after two years of decline. Overall, imports enjoyed a prominent increase. The growth pace was the most rapid in 2021 when imports increased by 105%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 105% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons), Singapore (X tons) and Japan (X tons) were the main suppliers of processed petroleum oils and distillates imports to the Philippines, with a combined 95% share of total imports. Brunei Darussalam lagged somewhat behind, comprising a further 3.2%.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +634.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and Japan ($X) constituted the largest processed petroleum oils and distillates suppliers to the Philippines, together accounting for 95% of total imports. These countries were followed by Brunei Darussalam, which accounted for a further 3.5%.

Among the main suppliers, Brunei Darussalam, with a CAGR of +434.4%, recorded 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, remaining relatively unchanged against the previous year. In general, the import price, however, saw a abrupt setback. The growth pace was the most rapid in 2017 an increase of 33% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Japan ($X per ton), while the price for Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-8.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :