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Thailand - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: Jan 13, 2024

Thailand's September 2023 Crude Oil Import Surges by 53% to $3B

Thailand Crude Oil Imports

In September 2023, purchases abroad of crude petroleum oil was finally on the rise to reach 4.8M tons for the first time since June 2023, thus ending a two-month declining trend. Over the period under review, total imports indicated a slight increase from September 2022 to September 2023: its volume increased at an average monthly rate of +1.1% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2023 figures, imports decreased by -12.9% against June 2023 indices.

In value terms, crude oil imports soared to $3B (IndexBox estimates) in September 2023. In general, imports showed a relatively flat trend pattern. Thailand Crude Oil Imports By Country (Million USD)

COUNTRY	Import Value of Crude Oil in Thailand (million USD)
COUNTRY	Sep 2022	Oct 2022	Nov 2022	Dec 2022	Jan 2023	Feb 2023	Mar 2023	Apr 2023	May 2023	Jun 2023	Jul 2023	Aug 2023	Sep 2023
United Arab Emirates	719	946	1,513	1,095	1,376	1,251	923	1,165	1,083	1,381	1,163	762	1,486
Saudi Arabia	689	132	325	357	606	558	246	434	635	429	366	92.4	401
United States	306	330	105	342	321	259	170	321	408	382	288	183	393
Malaysia	71.9	122	340	210	195	276	255	220	219	88.4	322	177	175
Libya	117	83.0	118	253	179	153	77.0	200	25.9	71.3	29.7	167	100
Others	834	480	500	710	923	653	627	568	624	625	697	552	394
Total	2,736	2,093	2,901	2,966	3,601	3,149	2,298	2,908	2,996	2,977	2,866	1,934	2,950

Imports by Country

In September 2023, the United Arab Emirates (2.4M tons) constituted the largest supplier of crude oil to Thailand, with a 51% share of total imports. Moreover, crude oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (689K tons), fourfold. The third position in this ranking was taken by the United States (639K tons), with a 13% share.

From September 2022 to September 2023, the average monthly growth rate of volume from the United Arab Emirates stood at +7.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Saudi Arabia (-3.4% per month) and the United States (+2.2% per month).

In value terms, the United Arab Emirates ($1.5B) constituted the largest supplier of crude oil to Thailand, comprising 50% of total imports. The second position in the ranking was held by Saudi Arabia ($401M), with a 14% share of total imports. It was followed by the United States, with a 13% share.

From September 2022 to September 2023, the average monthly rate of growth in terms of value from the United Arab Emirates totaled +6.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: Saudi Arabia (-4.4% per month) and the United States (+2.1% per month).

Import Prices by Country

In September 2023, the crude oil price amounted to $617 per ton (CIF, Thailand), with an increase of 6.2% against the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 when the average import price increased by 8.9% month-to-month. As a result, import price reached the peak level of $686 per ton. From December 2022 to September 2023, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In September 2023, the countries with the highest prices were Australia ($729 per ton) and Libya ($700 per ton), while the price for Saudi Arabia ($583 per ton) and the United Arab Emirates ($608 per ton) were amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Gabon (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the crude oil market in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Thailand

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Thailand
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023

Thailand - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

Thailand's September 2023 Crude Oil Import Surges by 53% to $3B

Thailand Crude Oil Imports

Imports by Country

Import Prices by Country

Product coverage:

Country coverage:

Data coverage:

Reasons to buy this report:

1. INTRODUCTION

2. EXECUTIVE SUMMARY

3. MARKET OVERVIEW

4. MOST PROMISING PRODUCT

5. MOST PROMISING SUPPLYING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

7. PRODUCTION

8. IMPORTS

9. EXPORTS

10. PROFILES OF MAJOR PRODUCERS

LIST OF TABLES

LIST OF FIGURES

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