Singapore: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Singapore

In 2022, the Singaporean 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 relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Singapore

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Singapore

After four years of decline, shipments abroad of processed petroleum oils and distillates increased by X% to X tons in 2022. In general, exports, however, showed a deep setback. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Overall, exports, however, recorded a abrupt decrease. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Australia (X tons) were the main destinations of processed petroleum oils and distillates exports from Singapore, together accounting for X% of total exports. Myanmar, Bangladesh, China, the Philippines, New Zealand, Vietnam, Hong Kong SAR, the United States, Thailand and Japan lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for processed petroleum oils and distillates exported from Singapore were Malaysia ($X), Indonesia ($X) and Australia ($X), with a combined X% share of total exports. Myanmar, the United States, China, Bangladesh, New Zealand, the Philippines, Vietnam, Hong Kong SAR, Thailand and Japan lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, the United States, with a CAGR of X%, saw 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

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price posted pronounced growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bangladesh ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Singapore

In 2022, imports of processed petroleum oils and distillates into Singapore contracted to X tons, dropping by X% against the previous year. Overall, imports recorded a deep slump. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports recorded a deep setback. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of processed petroleum oils and distillates to Singapore, accounting for a X% share of total imports. Moreover, processed petroleum oils and distillates imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and South Korea (X% per year).

In value terms, Malaysia ($X), China ($X) and South Korea ($X) were the largest processed petroleum oils and distillates suppliers to Singapore, with a combined X% share of total imports. Brazil, India, Taiwan (Chinese), Japan, Saudi Arabia, Thailand, Brunei Darussalam, Indonesia, Russia and Qatar lagged somewhat behind, together accounting for a further X%.

Brunei Darussalam, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers 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, jumping by X% against the previous year. In general, the import price saw a tangible expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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