Philippines: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the Philippines

In 2022, the Philippine 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 showed a buoyant increase. Processed petroleum oils and distillates consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Processed Petroleum Oils and Distillates in the Philippines

In value terms, processed petroleum oils and distillates production shrank rapidly to $X in 2022 estimated in export price. Overall, production showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

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Exports of Processed Petroleum Oils and Distillates

Exports from the Philippines

In 2022, processed petroleum oils and distillates exports from the Philippines expanded notably to X tons, picking up by X% against 2021 figures. Overall, exports, however, saw a sharp decrease. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. Over the period under review, exports, however, saw a sharp reduction. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for processed petroleum oils and distillates exports from the Philippines, with a X% share of total exports. Moreover, processed petroleum oils and distillates exports to Malaysia exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. The third position in this ranking was held by Singapore (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Singapore (X% per year).

In value terms, Malaysia ($X) remains the key foreign market for processed petroleum oils and distillates exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with an X% share of total exports. It was followed by Myanmar, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Myanmar (X% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the export price recorded resilient growth. The growth pace was the most rapid in 2021 an increase of X%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

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

Imports of Processed Petroleum Oils and Distillates

Imports into the Philippines

In 2022, purchases abroad of processed petroleum oils and distillates increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, imports enjoyed resilient growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

South Korea (X tons), China (X tons) and Singapore (X tons) were the main suppliers of processed petroleum oils and distillates imports to the Philippines, with a combined X% share of total imports. Taiwan (Chinese), Japan, Malaysia and Thailand lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest processed petroleum oils and distillates suppliers to the Philippines were South Korea ($X), China ($X) and Singapore ($X), together comprising X% of total imports. Taiwan (Chinese), Japan, Malaysia and Thailand lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Malaysia, with a CAGR of X%, recorded 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, remaining constant against the previous year. In general, the import price, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2017 an increase of 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 Thailand ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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