Uruguay: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Uruguay

In 2022, the Uruguayan market for processed petroleum oils and distillates increased by 11% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption, however, showed a noticeable reduction. Processed petroleum oils and distillates consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Uruguay

In value terms, processed petroleum oils and distillates production fell modestly to $X in 2022 estimated in export price. Overall, production saw a deep downturn. The pace of growth appeared the most rapid in 2013 when the production volume increased by 8.2% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Uruguay

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Uruguay; which is down by -2.4% against the previous year's figure. Overall, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2016 when exports increased by 83% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports dropped to $X in 2022. In general, exports saw a abrupt decline. The growth pace was the most rapid in 2016 with an increase of 54%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Free Zones (X tons) was the main destination for processed petroleum oils and distillates exports from Uruguay, with a 99% share of total exports. It was followed by Paraguay (X tons), with a 0.4% share of total exports. The third position in this ranking was taken by the United States (X tons), with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Free Zones stood at +110.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (-39.9% per year) and the United States (-43.4% per year).

In value terms, Free Zones ($X) emerged as the key foreign market for processed petroleum oils and distillates exports from Uruguay, comprising 98% of total exports. The second position in the ranking was taken by Paraguay ($X), with a 1.2% share of total exports. It was followed by the United States, with a 0.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Free Zones stood at +98.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (-37.5% per year) and the United States (-38.1% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2017 an increase of 35%. Over the period under review, the average export prices reached the maximum 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 United States ($X per ton), while the average price for exports to Argentina ($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 (+9.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Processed Petroleum Oils and Distillates

Imports into Uruguay

In 2022, purchases abroad of processed petroleum oils and distillates increased by 49% to X tons, rising for the third consecutive year after three years of decline. Overall, imports recorded a noticeable expansion. The growth pace was the most rapid in 2021 with an increase of 148%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a perceptible reduction. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of processed petroleum oils and distillates to Uruguay, with a 71% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+45.7% per year) and Brazil (-16.3% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Uruguay, comprising 54% of total imports. The second position in the ranking was held by Brazil ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-14.4% per year) and Argentina (+24.2% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, standing approx. at the previous year. In general, the import price showed a deep reduction. The pace of growth was the most pronounced in 2015 when the average import price increased by 146%. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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 Brazil ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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