Eastern Asia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Eastern Asia

The East Asian market for processed petroleum oils and distillates declined slightly to $X in 2022, shrinking by X% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Eastern Asia

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Eastern Asia

In 2022, the amount of processed petroleum oils and distillates exported in Eastern Asia shrank to X tons, which is down by X% on the previous year. 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 most prominent rate of growth was recorded in 2016 when exports increased by X%. The volume of export peaked 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. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, South Korea (X tons) and China (X tons) were the major exporters of processed petroleum oils and distillates in Eastern Asia, together comprising X% of total exports. It was distantly followed by Japan (X tons) and Taiwan (Chinese) (X tons), together generating a X% share of total exports.

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

In value terms, China ($X), South Korea ($X) and Japan ($X) were the countries with the highest levels of exports in 2022, together accounting for X% of total exports.

In terms of the main exporting countries, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the export price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($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 Processed Petroleum Oils and Distillates

Imports in Eastern Asia

In 2022, processed petroleum oils and distillates imports in Eastern Asia stood at X tons, with an increase of X% compared with 2021 figures. Total imports indicated a prominent increase from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 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, processed petroleum oils and distillates imports reached $X in 2022. Overall, imports, however, recorded a slight setback. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China was the major importing country with an import of about X tons, which amounted to X% of total imports. Hong Kong SAR (X tons) ranks second in terms of the total imports with a X% share, followed by South Korea (X%), Japan (X%) and Taiwan (Chinese) (X%).

From 2012 to 2022, average annual rates of growth with regard to processed petroleum oils and distillates imports into China stood at X%. At the same time, South Korea (X%), Hong Kong SAR (X%) and Japan (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2022. By contrast, Taiwan (Chinese) (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and South Korea increased by X and X percentage points, respectively.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports.

South Korea, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the import price showed a drastic downturn. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. Over the period under review, import prices attained the maximum 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 Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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