Report Update: Apr 1, 2024

Hong Kong SAR, China - Processed Petroleum Oils and Distillates - Market Analysis, Forecast, Size, Trends And Insights

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Price for Processed Petroleum Oils and Distillates in Hong Kong SAR - 2023

Price for Processed Petroleum Oils and Distillates in Hong Kong SAR (CIF) - 2023

The average import price for processed petroleum oils and distillates stood at $694 per ton in August 2023, increasing by 11% against the previous month. Overall, the import price, however, continues to indicate a slight decrease. The import price peaked at $796 per ton in September 2022; however, from October 2022 to August 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Qatar ($1,170 per ton), while the price for Papua New Guinea ($440 per ton) was amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+0.6%), while the prices for the other major suppliers experienced a decline.

Price for Processed Petroleum Oils and Distillates in Hong Kong SAR (FOB) - 2022

In 2022, the average export price for processed petroleum oils and distillates amounted to $1,425 per ton, rising by 31% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 47%. The export price peaked at $1,507 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($2,105 per ton), while the average price for exports to Macao SAR ($994 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 Singapore (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates in Hong Kong SAR

In 2022, approx. 31M tons of processed petroleum oils and distillates were imported into Hong Kong SAR; jumping by 27% against the previous year's figure. Overall, total imports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +10.5% 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 +67.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 32% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $12B in 2022. In general, imports, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 32%.

Import of Processed Petroleum Oils and Distillates in Hong Kong SAR (Billion USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	6.8	4.0	4.2	6.8	0.0%
Singapore	2.5	1.2	1.5	1.2	-21.7%
South Korea	1.1	0.6	0.7	0.8	-10.1%
Malaysia	0.3	0.3	0.3	0.6	26.0%
Japan	0.4	0.1	0.1	0.3	-9.1%
Brazil	0.1	0.1	0.2	0.2	26.0%
Taiwan (Chinese)	0.7	0.5	0.2	0.2	-34.1%
Others	0.5	0.4	2.3	1.9	56.0%
Total	12.4	7.2	9.5	12.0	-1.1%

Top Suppliers of Processed Petroleum Oils and Distillates to Hong Kong SAR in 2022:

China (16.0M tons)
Singapore (3.2M tons)
Malaysia (2.4M tons)
South Korea (1.8M tons)
Taiwan (Chinese) (0.9M tons)
Japan (0.6M tons)
Brazil (0.5M tons)

Exports of Processed Petroleum Oils and Distillates in Hong Kong SAR

In 2022, the amount of processed petroleum oils and distillates exported from Hong Kong SAR shrank to 529K tons, reducing by -9.2% compared with the previous year's figure. Over the period under review, exports recorded a abrupt curtailment. The smallest decline of -8.4% was in 2021.

In value terms, processed petroleum oils and distillates exports soared to $753M in 2022. In general, total exports indicated a resilient expansion from 2019 to 2022: its value increased at an average annual rate of +6.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 35% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Export of Processed Petroleum Oils and Distillates in Hong Kong SAR (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	315	246	347	382	6.6%
Japan	74.2	46.7	83.3	89.4	6.4%
South Korea	9.1	6.2	18.0	66.4	94.0%
Australia	10.5	10.3	16.6	36.4	51.3%
Taiwan (Chinese)	16.9	19.1	23.9	27.7	17.9%
Macao SAR	82.8	34.3	31.1	27.7	-30.6%
United States	N/A	12.3	33.3	23.0	36.7%
Singapore	52.5	40.8	26.8	16.4	-32.1%
India	13.0	16.3	11.7	4.4	-30.3%
Thailand	13.3	11.5	12.0	4.3	-31.4%
Others	33.8	27.4	31.0	75.8	30.9%
Total	621	470	635	753	6.6%

Top Export Markets for Processed Petroleum Oils and Distillates from Hong Kong SAR in 2022:

China (274.0K tons)
Japan (73.4K tons)
South Korea (50.0K tons)
Australia (30.1K tons)
Macao SAR (27.8K tons)
Taiwan (Chinese) (15.2K tons)
United States (13.8K tons)
Singapore (7.8K tons)
Thailand (3.2K tons)
India (2.9K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for processed petroleum oils and distillates in Hong Kong SAR, China. 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:

Hong Kong SAR

Data coverage:

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

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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
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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