Report Update: May 1, 2024

Colombia - Processed Petroleum Oils and Distillates - Market Analysis, Forecast, Size, Trends And Insights

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Price for Processed Petroleum Oils and Distillates in Colombia - 2022

Price for Processed Petroleum Oils and Distillates in Colombia (CIF) - 2022

The average import price for processed petroleum oils and distillates stood at $771 per ton in February 2022, flattening at the previous month. Over the period from February 2021 to February 2022, it increased at an average monthly rate of +3.4%. The growth pace was the most rapid in July 2021 when the average import price increased by 19% against the previous month. As a result, import price attained the peak level of $798 per ton. From August 2021 to February 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In February 2022, the country with the highest price was Belgium ($834 per ton), while the price for Free Zones ($535 per ton) was amongst the lowest.

From February 2021 to February 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Processed Petroleum Oils and Distillates in Colombia (FOB) - 2022

The average export price for processed petroleum oils and distillates stood at $570 per ton in February 2022, growing by 7.4% against the previous month. Over the period from February 2021 to February 2022, it increased at an average monthly rate of +1.8%. The most prominent rate of growth was recorded in September 2021 when the average export price increased by 20% m-o-m. The export price peaked in February 2022.

There were significant differences in the average prices for the major external markets. In February 2022, the country with the highest price was Chile ($733 per ton), while the average price for exports to Singapore ($459 per ton) was amongst the lowest.

From February 2021 to February 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates in Colombia

In 2022, approx. 7.7M tons of processed petroleum oils and distillates were imported into Colombia; with a decrease of -21.6% on the year before. Over the period under review, total imports indicated modest growth from 2019 to 2022: its volume increased at an average annual rate of +1.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 76%. As a result, imports attained the peak of 9.9M tons, and then declined rapidly in the following year.

In value terms, processed petroleum oils and distillates imports fell significantly to $2.9B in 2022. Overall, imports showed a noticeable slump. The most prominent rate of growth was recorded in 2021 with an increase of 76% against the previous year. As a result, imports reached the peak of $3.8B, and then reduced markedly in the following year.

Import of Processed Petroleum Oils and Distillates in Colombia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	2,891	1,921	3,147	2,379	-6.3%
United Kingdom	127	106	34.2	130	0.8%
Spain	1.3	1.6	60.8	80.6	295.8%
Others	395	108	517	358	-3.2%
Total	3,414	2,136	3,759	2,947	-4.8%

Top Suppliers of Processed Petroleum Oils and Distillates to Colombia in 2022:

United States (6.7M tons)
United Kingdom (0.3M tons)
Spain (0.2M tons)

Exports of Processed Petroleum Oils and Distillates in Colombia

After two years of decline, shipments abroad of processed petroleum oils and distillates increased by 6.2% to 4.7M tons in 2022. In general, exports, however, recorded a deep downturn.

In value terms, processed petroleum oils and distillates exports fell to $1.8B in 2022. Overall, exports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 38%.

Export of Processed Petroleum Oils and Distillates in Colombia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	2,034	1,042	1,311	707	-29.7%
Bonaire	116	76.8	125	275	33.3%
Panama	79.0	38.2	66.0	122	15.6%
Bahamas	24.0	92.3	114	113	67.6%
Spain	105	57.8	62.4	107	0.6%
Netherlands	31.4	27.1	38.8	97.7	46.0%
Singapore	159	9.3	105	62.1	-26.9%
Mexico	65.2	18.1	25.4	59.5	-3.0%
Saudi Arabia	N/A	N/A	N/A	56.8	0%
Others	299	189	297	246	-6.3%
Total	2,912	1,550	2,144	1,847	-14.1%

Top Export Markets for Processed Petroleum Oils and Distillates from Colombia in 2022:

United States (1532.1K tons)
Bonaire (959.3K tons)
Netherlands (469.7K tons)
Bahamas (413.0K tons)
Panama (310.7K tons)
Spain (182.5K tons)
Singapore (175.3K tons)
Saudi Arabia (160.7K tons)
Mexico (105.5K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for processed petroleum oils and distillates in Colombia. 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:

Colombia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Colombia
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