Eastern Asia: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Eastern Asia

In 2022, the East Asian market for crude oil and processed petroleum increased by X% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Crude Oil and Processed Petroleum in Eastern Asia

In value terms, crude oil and processed petroleum production fell to $X in 2022 estimated in export price. Overall, production recorded a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in Eastern Asia

Crude oil and processed petroleum exports fell to X tons in 2022, declining by X% compared with the year before. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, crude oil and processed petroleum exports skyrocketed to $X in 2022. In general, exports recorded a mild curtailment. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) and China (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Japan (X tons) and Taiwan (Chinese) (X tons), together committing a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum supplying countries in Eastern Asia were China ($X), South Korea ($X) and Japan ($X), with a combined X% share of total exports.

China, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, continues to indicate a pronounced contraction. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in Eastern Asia

In 2022, crude oil and processed petroleum imports in Eastern Asia rose markedly to X tons, increasing by X% against the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, crude oil and processed petroleum imports soared to $X in 2022. Overall, imports enjoyed mild growth. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

China represented the key importing country with an import of about X tons, which amounted to X% of total imports. South Korea (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Japan (X%) and Taiwan (Chinese) (X%). Hong Kong SAR (X tons) took a relatively small share of total imports.

China was also the fastest-growing in terms of the crude oil and processed petroleum imports, with a CAGR of X% from 2012 to 2022. At the same time, Hong Kong SAR (X%), Taiwan (Chinese) (X%) and South Korea (X%) displayed positive paces of growth. By contrast, Japan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported crude oil and processed petroleum in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with an X% share of total imports. It was followed by Japan, with a X% share.

In China, crude oil and processed petroleum imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of X% against the previous year. In general, the import price, however, recorded a perceptible curtailment. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :