Philippines - Processed Petroleum Oils and Distillates - Market Analysis, Forecast, Size, Trends And Insights
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View PricingPrice for Processed Petroleum Oils and Distillates in the Philippines - 2023
Contents:
- Price for Processed Petroleum Oils and Distillates in the Philippines (CIF) - 2023
- Price for Processed Petroleum Oils and Distillates in the Philippines (FOB) - 2023
- Imports of Processed Petroleum Oils and Distillates in the Philippines
- Exports of Processed Petroleum Oils and Distillates in the Philippines
Price for Processed Petroleum Oils and Distillates in the Philippines (CIF) - 2023
In June 2023, the average import price for processed petroleum oils and distillates amounted to $661 per ton, leveling off at the previous month. Over the period under review, the import price saw a perceptible contraction. The growth pace was the most rapid in January 2023 when the average import price increased by 11% month-to-month. The import price peaked at $1,170 per ton in June 2022; however, from July 2022 to June 2023, import prices remained at a lower figure.
Average prices varied somewhat amongst the major supplying countries. In June 2023, the highest price was recorded for prices from Japan ($753 per ton) and Taiwan (Chinese) ($732 per ton), while the price for India ($538 per ton) and Malaysia ($591 per ton) were amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by China (-2.6%), while the prices for the other major suppliers experienced a decline.
Price for Processed Petroleum Oils and Distillates in the Philippines (FOB) - 2023
In June 2023, the average export price for processed petroleum oils and distillates amounted to $1,480 per ton, jumping by 18% against the previous month. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in December 2022 when the average export price increased by 43% month-to-month. As a result, the export price reached the peak level of $2,143 per ton. From January 2023 to June 2023, the the average export prices remained at a lower figure.
Average prices varied somewhat for the major foreign markets. In June 2023, the country with the highest price was Vietnam ($1,928 per ton), while the average price for exports to Malaysia stood at $1,450 per ton.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+0.1%).
Imports of Processed Petroleum Oils and Distillates in the Philippines
For the fourth consecutive year, the Philippines recorded growth in purchases abroad of processed petroleum oils and distillates, which increased by 54% to 47M tons in 2022. Over the period under review, imports saw a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 105% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.
In value terms, processed petroleum oils and distillates imports skyrocketed to $18.6B in 2022. Overall, imports showed significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 105% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
| Import of Processed Petroleum Oils and Distillates in the Philippines (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Korea | 1.8 | 0.8 | 2.3 | 6.4 | 52.6% |
| China | 3.3 | 2.7 | 5.0 | 3.7 | 3.9% |
| Singapore | 1.0 | 0.9 | 2.0 | 3.1 | 45.8% |
| Taiwan (Chinese) | 1.2 | 0.8 | 0.6 | 1.8 | 14.5% |
| Japan | 0.2 | N/A | 0.3 | 1.6 | 100.0% |
| Malaysia | 0.4 | 0.4 | 0.8 | 1.2 | 44.2% |
| Thailand | 0.1 | 0.1 | 0.7 | 0.4 | 58.7% |
| Others | 0.1 | 0.2 | 0.3 | 0.5 | 71.0% |
| Total | 8.2 | 5.9 | 12.0 | 18.6 | 31.4% |
Top Suppliers of Processed Petroleum Oils and Distillates to the Philippines in 2022:
- South Korea (14.6M tons)
- China (9.1M tons)
- Singapore (8.0M tons)
- Taiwan (Chinese) (7.7M tons)
- Japan (3.5M tons)
- Malaysia (2.8M tons)
- Thailand (0.7M tons)
Exports of Processed Petroleum Oils and Distillates in the Philippines
In 2022, processed petroleum oils and distillates exports from the Philippines rose markedly to 4.8K tons, growing by 5.5% on the previous year. Over the period under review, exports, however, recorded a precipitous slump. The growth pace was the most rapid in 2020 with an increase of 22%. As a result, the exports reached the peak of 639K tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.
In value terms, processed petroleum oils and distillates exports soared to $7.2M in 2022. Overall, exports, however, faced a sharp decline.
| Export of Processed Petroleum Oils and Distillates in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 74.8 | 112 | 5.3 | 6.1 | -56.6% |
| Vietnam | 0.8 | 0.8 | 0.1 | 0.6 | -9.1% |
| Myanmar | N/A | 0.1 | 0.1 | 0.1 | 0.0% |
| Singapore | 99.2 | 54.2 | 0.3 | 0.1 | -90.0% |
| South Korea | 17.9 | N/A | N/A | N/A | 0% |
| China | 32.3 | 3.2 | N/A | N/A | -90.1% |
| Others | 0.6 | 18.4 | 0.2 | 0.2 | -30.7% |
| Total | 226 | 189 | 5.9 | 7.2 | -68.3% |
Top Export Markets for Processed Petroleum Oils and Distillates from the Philippines in 2022:
- Malaysia (4178.1 tons)
- Vietnam (326.4 tons)
- Singapore (143.2 tons)
- Myanmar (112.2 tons)
- South Korea (3.9 tons)
This report provides an in-depth analysis of the market for processed petroleum oils and distillates in the Philippines. 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:
- Philippines
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the Philippines
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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