Thailand: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Thailand

The Thai market for processed petroleum oils and distillates contracted to $X in 2022, falling by -5.2% against the previous year. In general, consumption recorded a noticeable slump. Processed petroleum oils and distillates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Thailand

In value terms, processed petroleum oils and distillates production declined slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 41%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Thailand

In 2022, shipments abroad of processed petroleum oils and distillates increased by 14% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +91.2% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 67% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates exports amounted to $X in 2022. In general, exports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 67% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore (X tons) was the main destination for processed petroleum oils and distillates exports from Thailand, accounting for a 77% share of total exports. Moreover, processed petroleum oils and distillates exports to Singapore exceeded the volume sent to the second major destination, Myanmar (X tons), ninefold. The Philippines (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+42.5% per year) and the Philippines (+7.4% per year).

In value terms, Singapore ($X) remains the key foreign market for processed petroleum oils and distillates exports from Thailand, comprising 69% of total exports. The second position in the ranking was taken by the Philippines ($X), with an 11% share of total exports. It was followed by Myanmar, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+1.2% per year) and Myanmar (+24.7% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, stabilizing at the previous year. Overall, the export price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2017 an increase of 76% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Singapore ($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 the Philippines (-5.8%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Thailand

In 2022, overseas purchases of processed petroleum oils and distillates increased by 12% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 106% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, processed petroleum oils and distillates imports expanded markedly to $X in 2022. In general, imports enjoyed a strong expansion. The growth pace was the most rapid in 2014 when imports increased by 67%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons) constituted the largest processed petroleum oils and distillates supplier to Thailand, with a 50% share of total imports. Moreover, processed petroleum oils and distillates imports from Singapore exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Qatar (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore amounted to +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+41.8% per year) and Qatar (+39.2% per year).

In value terms, Singapore ($X), China ($X) and Qatar ($X) were the largest processed petroleum oils and distillates suppliers to Thailand, with a combined 81% share of total imports.

China, with a CAGR of +31.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, remaining constant against the previous year. In general, the import price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 52%. Over the period under review, average import prices reached 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 origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-4.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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