Vietnam: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Vietnam

The Vietnamese market for processed petroleum oils and distillates fell to $X in 2022, which is down by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Vietnam

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Vietnam; which is down by X% compared with the year before. In general, exports continue to indicate a slight setback. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports fell sharply to $X in 2022. Overall, exports recorded a abrupt descent. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons) was the main destination for processed petroleum oils and distillates exports from Vietnam, accounting for a X% share of total exports. Moreover, processed petroleum oils and distillates exports to Cambodia exceeded the volume sent to the second major destination, Singapore (X tons), threefold. China (X tons) ranked third in terms of total exports with a X% share.

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

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

From 2012 to 2022, the average annual growth rate of value to Cambodia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and China (X% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, with a decrease of X% against the previous year. Overall, the export price showed a deep downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per ton) and South Korea ($X per ton), while the average price for exports to Singapore ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Vietnam

Processed petroleum oils and distillates imports into Vietnam dropped to X tons in 2022, with a decrease of X% compared with the year before. Overall, total imports indicated a measured 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 pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports contracted to $X in 2022. Over the period under review, imports showed a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. 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

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

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (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 Vietnam were South Korea ($X), Singapore ($X) and Malaysia ($X), together accounting for X% of total imports. Thailand, China, Brunei Darussalam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

Brunei Darussalam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price recorded a abrupt curtailment. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 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 Taiwan (Chinese) ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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