Latin America and the Caribbean: Market for Processed Petroleum Oils and Distillates 2024

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

In 2022, the Latin American market for processed petroleum oils and distillates increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, recorded a slight setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Latin America and the Caribbean

In 2022, approx. X tons of processed petroleum oils and distillates were exported in Latin America and the Caribbean; picking up by X% compared with the previous year's figure. Total exports indicated measured growth 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, exports increased by X% against 2020 indices. As a result, the exports attained 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 2022. In general, exports showed a modest increase. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

Mexico (X tons) and Brazil (X tons) prevails in exports structure, together achieving X% of total exports. It was distantly followed by Colombia (X tons), Ecuador (X tons) and Peru (X tons), together achieving a X% share of total exports. The following exporters - Trinidad and Tobago (X tons) and Argentina (X tons) - each recorded a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of X%), 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 Peru ($X), together comprising X% of total exports.

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

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the export price, however, showed a noticeable decline. The growth pace was the most rapid in 2017 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Trinidad and Tobago ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Latin America and the Caribbean

Processed petroleum oils and distillates imports skyrocketed to X tons in 2022, picking up by X% against 2021 figures. In general, imports enjoyed resilient growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports recorded moderate growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

In 2022, Mexico (X tons) was the major importer of processed petroleum oils and distillates, committing X% of total imports. It was distantly followed by Brazil (X tons) and Panama (X tons), together making up a X% share of total imports. The following importers - Chile (X tons), Guatemala (X tons), Peru (X tons), Colombia (X tons), Argentina (X tons), Ecuador (X tons) and Bahamas (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mexico (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 importing markets in Latin America and the Caribbean were Mexico ($X), Panama ($X) and Brazil ($X), with a combined X% share of total imports.

In terms of the main importing countries, Panama, 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 import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, showed a abrupt downturn. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure 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 Argentina ($X per ton), while Bahamas ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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