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2023
Exports $39.8BWorld Rnk 9 / 214
Flag Rnk 10 / 1215
2023
Destination $1.17B Singapore
2022 - 2023
FASTEST GROWING MARKET $1.17BSouth Korea
2023
PRODUCT COMPLEXITY IN Refined Petroleum-0.94Rnk 813 / 1025
2023
Imports $29.5BWorld Rnk 7 / 226
Flag Rnk 13 / 1214
2023
Origin $5.01B Malaysia
2022 - 2023
FASTEST GROWING ORIGIN $5.01BMalaysia
2023
ECONOMIC COMPLEXITY of China1.16Rnk 21 / 132

About

Exports In 2023, China exported $39.8B in Refined Petroleum, making it the 9th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 10th most exported product in China. The main destination of Refined Petroleum exports from China are: Singapore ($7.03B), Hong Kong ($4.89B), Malaysia ($4.21B), Philippines ($3.03B), and Bangladesh ($2.96B).

The fastest growing export markets for Refined Petroleum of China between 2022 and 2023 were South Korea ($1.17B), Hong Kong ($1.13B), and Philippines ($942M).

Imports In 2023, China imported $29.5B in Refined Petroleum, becoming the 7th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 13th most imported product in China. China imports Refined Petroleum primarily from: Malaysia ($7.41B), Russia ($7.32B), South Korea ($3.33B), United Arab Emirates ($1.97B), and Singapore ($1.57B).

The fastest growing import markets in Refined Petroleum for China between 2022 and 2023 were Malaysia ($5.01B), Russia ($4.1B), and Oman ($311M).

COMPANIES In 2024, leading companies such as Panasonic (39), LG Electronics (12), and Euromarket Designs (11) were at the forefront of shipping Refined Petroleum from China to the United States.

Latest Trends

December 2024

About

Overview In December 2024 China's Refined Petroleum exports accounted up to $2.55B and imports accounted up to $1.97B, resulting in a positive trade balance of $580M. Between December 2023 and December 2024 the exports of China's   Refined Petroleum have decreased by $-1.05B (-29.2%) from $3.6B to $2.55B, while imports decreased by $-670M (-25.4%) from $2.64B to $1.97B.

Destinations In December 2024, Refined Petroleum were exported mostly to Hong Kong ($474M), Singapore ($446M), Liberia ($166M), Japan ($150M), and Panama ($133M), and were imported mostly from Russia ($451M), Singapore ($359M), United Arab Emirates ($271M), South Korea ($231M), and Malaysia ($192M).

Growth In December 2024, the decrease in Refined Petroleum's year-by-year exports was explained primarily by a decrease in exports to Bangladesh ($-511M or -93.5%), Philippines ($-302M or -71.3%), and Singapore ($-285M or -28.9%). In December 2024, the decrease in Refined Petroleum's year-by-year imports was explained primarily by a decrease in imports from Italy ($-68.6M or -99.7%), South Korea ($-50.2M or -17.6%), and Qatar ($-31.1M or -37.4%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)$-1.05B(-29.2%)
IMPORT GROWTH (December 2023 - December 2024)$-670M(-25.4%)
MAIN EXPORTER (December 2024)Beijing$3.13B
MAIN DESTINATION (December 2024)Hong Kong$474M

This section shows Refined Petroleum's exports and imports data at subnational level for China. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Refined Petroleum over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$39.8B
IMPORTS (2023)$29.5B
NET TRADE (2023)$10.4B

In 2023, China exported $39.8B in Refined Petroleum. The main destinations of China exports on Refined Petroleum were Singapore ($7.03B), Hong Kong ($4.89B), Malaysia ($4.21B), Philippines ($3.03B), and Bangladesh ($2.96B).

In 2023, China imported $29.5B in Refined Petroleum, mainly from Malaysia ($7.41B), Russia ($7.32B), South Korea ($3.33B), United Arab Emirates ($1.97B), and Singapore ($1.57B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR China WERE (2022 - 2023):
South Korea$1.17B (1.65k%)
Hong Kong$1.13B (30.1%)
Philippines$942M (45.2%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY China WERE (2022 - 2023):
Pakistan-$1.82B (-84.1%)
Malta-$532M (-99.1%)
Thailand-$420M (-87.6%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, China's main exporting competitors in Refined Petroleum were:
United States $107B
Singapore $55.9B
India $55.8B
In 2023, China's main importing competitors in Refined Petroleum were:
United States $68.8B
Singapore $55.7B
Australia $35.3B

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALPakistan+ $831M
TOP IMPORT POTENTIALRussia+ $3.13B

Refined Petroleum’s highest export potential is Pakistan. With an export gap of $831M.   Refined Petroleum’s highest import potential is Russia with an import gap of $3.13B.

See methodology.

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