Which Country Imports the Most Oils and Other Distillation Products in the World?
Basic Chemicals May 28, 2018
In 2016, the global basic chemical imports amounted to 24M tonnes, lowering by -14.9% against the previous year figure. The total import volume increased at an average annual rate of +2.1% from 2007 to 2016; however, the trend pattern indicated some noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014, an increase of 21% y-o-y. Global basic chemical import peaked of 28M tonnes in 2015, falling back in the following year.
In value terms, basic chemical imports amounted to $18B in 2016. Overall, basic chemical imports continue to indicate a measured downturn. Over the period under review, global basic chemical imports reached its maximum level of $22B in 2014; however, from 2015 to 2016, it failed to regain its strength.
Top Basic Chemical Importing Countries in the World
1. China (8.7 billion USD)
2. Netherlands (1.9 billion USD)
3. South Korea (1.4 billion USD)
4. Belgium (1.0 billion USD)
5. Ecuador (1.0 billion USD)
6. Germany (0.7 billion USD)
7. USA (0.4 billion USD)
8. France (0.3 billion USD)
9. Thailand (0.2 billion USD)
10. Bulgaria (0.1 billion USD)
Basic Chemical Imports By Country
China (5.5M tonnes), and the Netherlands (4.4M tonnes) were the major importers of basic chemical in 2016, recording approx. 23%, and 18% of total imports, respectively. South Korea (2.4M tonnes) held the second position in the ranking, followed by Belgium (2.2M tonnes), Germany (1.9M tonnes), and Ecuador (1.9M tonnes). All these countries together took near 35% share of total imports. The following importers - France (706K tonnes), Thailand (628K tonnes), the U.S. (587K tonnes), and Bulgaria (562K tonnes) together made up 10% of total imports.
From 2007 to 2016, the most notable growth rate of basic chemical imports, among the main importing countries, was attained by Bulgaria (+65.1% per year), while the other global leaders experienced more modest paces of growth.
In value terms, China ($8.7B) constitutes the largest market for imported basic chemical worldwide, making up 50% of global imports. The second position in the ranking was occupied by the Netherlands ($1.9B), with the share of 11% of global imports. It was followed by South Korea, with the share of 8%.
From 2007 to 2016, the average annual growth rate of value of basic chemical imports in China stood at +22.1%. The remaining importing countries recorded the following average annual rates: the Netherlands (-5.3% per year) and South Korea (-4.2% per year).
Basic Chemical Import Prices By Country
The average basic chemical import price stood at $726 per tonne in 2016, rising by 25% against the previous year. In general, basic chemical import price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2011, an increase of 34% against the previous year level. Over the period under review, average basic chemical import price reached its maximum level of $1,061 per tonne in 2007; however, from 2008 to 2016, it failed to regain its strength.
Import prices varied noticeably by country of destination. the country with the highest import prices was China ($1,587 per tonne), while Bulgaria ($229 per tonne) was among the lowest.
From 2007 to 2016, the most notable growth rate of basic chemical import prices was attained by China (+7.2% per year), while the other global leaders experienced a decline in the import price figures.
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All data provided in this article covers the following product: HS Code 2707 - Oils and other products of the distillation of high temperature coal tar; similar products in which the weight of the aromatic constituents exceeds that of the non-aromatic constituents.
