Ecuador: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Ecuador

In 2023, the Ecuadorian market for processed petroleum oils and distillates decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a slight curtailment. Processed petroleum oils and distillates consumption peaked at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Ecuador

In value terms, processed petroleum oils and distillates production fell to $X in 2023 estimated in export price. Over the period under review, production, however, saw a pronounced shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Ecuador

In 2023, after two years of growth, there was decline in shipments abroad of processed petroleum oils and distillates, when their volume decreased by X% to X tons. In general, exports, however, posted a buoyant increase. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2022, and then fell modestly in the following year.

In value terms, processed petroleum oils and distillates exports dropped to $X in 2023. Over the period under review, exports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2022, and then contracted in the following year.

Exports by Country

Panama (X tons), the United States (X tons) and Peru (X tons) were the main destinations of processed petroleum oils and distillates exports from Ecuador, together accounting for X% of total exports. Nicaragua, Honduras and Guatemala lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nicaragua (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Ecuador were Panama ($X), the United States ($X) and Peru ($X), with a combined X% share of total exports. Nicaragua, Guatemala and Honduras lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Nicaragua, 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

In 2023, the average export price for processed petroleum oils and distillates amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the export price saw a pronounced decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (X%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Ecuador

Processed petroleum oils and distillates imports into Ecuador expanded to X tons in 2023, increasing by X% against the year before. Overall, total imports indicated a strong increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports dropped to $X in 2023. Over the period under review, imports enjoyed moderate growth. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2023, the United States (X tons) was the main processed petroleum oils and distillates supplier to Ecuador, accounting for a X% share of total imports. It was followed by Canada (X tons), with a X% share of total imports. Spain (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Spain (X% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Ecuador, comprising X% of total imports. The second position in the ranking was taken by Canada ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Spain (X% per year).

Import Prices by Country

In 2023, the average import price for processed petroleum oils and distillates amounted to $X per ton, which is down by X% against the previous year. Overall, the import price saw a noticeable setback. The growth pace was the most rapid in 2022 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform