Latin America and the Caribbean: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in Latin America and the Caribbean

In 2021, the Latin American market for processed petroleum oils and distillates was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a deep setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Latin America and the Caribbean

In value terms, processed petroleum oils and distillates production stood at $X in 2021 estimated in export price. Overall, production, however, showed a abrupt slump. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Latin America and the Caribbean

Processed petroleum oils and distillates exports skyrocketed to X tons in 2021, jumping by 27% on 2020. The total export volume increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a pronounced decrease. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Mexico (X tons) and Brazil (X tons) were the largest exporters of processed petroleum oils and distillates in Latin America and the Caribbean, together constituting 66% of total exports. Colombia (X tons) held the next position in the ranking, followed by Ecuador (X tons) and Peru (X tons). All these countries together held near 26% share of total exports. The following exporters - Argentina (X tons) and Trinidad and Tobago (X tons) - together made up 5.8% of total exports.

From 2012 to 2021, the biggest increases were in Mexico (with a CAGR of +13.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Ecuador ($X), together accounting for 70% of total exports.

Ecuador, with a CAGR of +8.0%, saw the highest rates of growth with regard to the value of exports, in terms of 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 2021, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 23% against the previous year. Overall, the export price, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when the export price increased by 32% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Trinidad and Tobago ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (-3.8%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Latin America and the Caribbean

In 2021, the amount of processed petroleum oils and distillates imported in Latin America and the Caribbean rose markedly to X tons, increasing by 15% on 2020. Total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -2.7% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 23%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports surged to $X in 2021. Overall, imports, however, continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Mexico (X tons) was the largest importer of processed petroleum oils and distillates, achieving 40% of total imports. Brazil (X tons) held the second position in the ranking, followed by Panama (X tons), Argentina (X tons) and Chile (X tons). All these countries together took approx. 30% share of total imports. Guatemala (X tons), Peru (X tons), Bahamas (X tons), the Dominican Republic (X tons), Ecuador (X tons), Honduras (X tons), Colombia (X tons) and Costa Rica (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to processed petroleum oils and distillates imports into Mexico stood at +11.3%. At the same time, Guatemala (+11.7%), the Dominican Republic (+10.0%), Peru (+9.6%), Argentina (+9.5%), Honduras (+3.0%), Costa Rica (+2.0%), Chile (+1.2%) and Bahamas (+1.0%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.7% from 2012-2021. Brazil, Panama and Ecuador experienced a relatively flat trend pattern. By contrast, Colombia (-6.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Guatemala and Argentina increased by +17, +1.9 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported processed petroleum oils and distillates in Latin America and the Caribbean, comprising 39% of total imports. The second position in the ranking was held by Brazil ($X), with a 10% share of total imports. It was followed by Panama, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-10.4% per year) and Panama (-6.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 4.3% against the previous year. Over the period under review, the import price, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 when the import price increased by 18% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Costa Rica ($X per ton) and Peru ($X per ton), while Bahamas ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (-7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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