Singapore: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Singapore

In 2022, the Singaporean market for processed petroleum oils and distillates increased by 36% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Singapore

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Singapore

After four years of decline, shipments abroad of processed petroleum oils and distillates increased by 1.6% to X tons in 2022. Over the period under review, exports, however, showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 9.1% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Overall, exports, however, showed a abrupt contraction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Australia (X tons) were the main destinations of processed petroleum oils and distillates exports from Singapore, together accounting for 49% of total exports. Myanmar, Bangladesh, China, the Philippines, New Zealand, Vietnam, Hong Kong SAR, the United States, Thailand and Japan lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +5.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Singapore were Malaysia ($X), Indonesia ($X) and Australia ($X), with a combined 49% share of total exports. Myanmar, the United States, China, Bangladesh, New Zealand, the Philippines, Vietnam, Hong Kong SAR, Thailand and Japan lagged somewhat behind, together accounting for a further 35%.

The United States, with a CAGR of +15.7%, recorded the highest growth rate of the value of exports, among 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, increasing by 130% against the previous year. Overall, the export price saw a pronounced expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bangladesh ($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 United States (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Singapore

Processed petroleum oils and distillates imports into Singapore reduced to X tons in 2022, with a decrease of -10.9% against 2021. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 when imports increased by 9.4% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports recorded a abrupt decrease. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest processed petroleum oils and distillates supplier to Singapore, with a 29% share of total imports. Moreover, processed petroleum oils and distillates imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.7% per year) and South Korea (-6.9% per year).

In value terms, Malaysia ($X), China ($X) and South Korea ($X) were the largest processed petroleum oils and distillates suppliers to Singapore, together accounting for 49% of total imports. Brazil, India, Taiwan (Chinese), Japan, Saudi Arabia, Thailand, Brunei Darussalam, Indonesia, Russia and Qatar lagged somewhat behind, together accounting for a further 38%.

In terms of the main suppliers, Brunei Darussalam, with a CAGR of +313.8%, 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, picking up by 129% against the previous year. Over the period under review, the import price posted measured growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Taiwan (Chinese) ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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