China: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in China

The Chinese market for processed petroleum oils and distillates fell modestly to $X in 2022, remaining stable against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in China

In value terms, processed petroleum oils and distillates production fell modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X%. Processed petroleum oils and distillates production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from China

In 2022, overseas shipments of processed petroleum oils and distillates decreased by X% to X tons, falling for the third consecutive year after eight years of growth. Overall, exports, however, saw a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports, however, posted prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons), Hong Kong SAR (X tons) and Liberia (X tons) were the main destinations of processed petroleum oils and distillates exports from China, with a combined X% share of total exports. Panama, the Philippines, the Netherlands, Bangladesh, Pakistan, Australia, Marshall Islands, Malaysia, Vietnam and South Korea lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Hong Kong SAR ($X) and Liberia ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from China worldwide, together accounting for X% of total exports. The Netherlands, Panama, the Philippines, Bangladesh, Pakistan, Australia, Malaysia, Marshall Islands, Vietnam and South Korea lagged somewhat behind, together comprising a further X%.

Bangladesh, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Netherlands ($X per ton) and Pakistan ($X per ton), while the average price for exports to Panama ($X per ton) and Liberia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into China

In 2022, overseas purchases of processed petroleum oils and distillates increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Qatar (X tons), South Korea (X tons) and Singapore (X tons) were the main suppliers of processed petroleum oils and distillates imports to China, with a combined X% share of total imports. India, Japan, Malaysia, the United Arab Emirates, Taiwan (Chinese) and Egypt lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates suppliers to China were South Korea ($X), Qatar ($X) and Singapore ($X), with a combined X% share of total imports.

In terms of the main suppliers, Qatar, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the import price recorded a abrupt descent. The pace of growth appeared the most rapid in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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