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Refined petroleum products: top exporters and importers (2024)

In 2024, world trade in refined petroleum products totaled $859.5 billion (1,180.9 million tonnes). The top exporters were the United States (12%), Singapore (6%) and South Korea (6%); the top importers were the United States (7%), Singapore (6%) and France (4%). Compared with 2019, the value rose 23%.

Summary

World trade
$859.5billion
Tonnes
1,180.9million tonnes
Price per tonne
$726
The largest flows between countries. Width: value; color: estimated transport mode.SeaAirLand

Top exporters

  1. United States$100.7 billion · 11.7%
    see destinations
  2. Singapore$54.4 billion · 6.3%
    re-exports · see destinations
  3. South Korea$50.7 billion · 5.9%
    see destinations
  4. Netherlands$48.7 billion · 5.7%
    re-exports · see destinations
  5. India$48.6 billion · 5.7%
    see destinations
  6. United Arab Emirates$46.2 billion · 5.4%
    see destinations
  7. Russia$45.9 billion · 5.3%
    see destinations
  8. Malaysia$35.7 billion · 4.2%
    see destinations
  9. Belgium$34.3 billion · 4%
    re-exports · see destinations
  10. China$30.4 billion · 3.5%
    see destinations
  11. Saudi Arabia$29.9 billion · 3.5%
    see destinations
  12. Kuwait$25.6 billion · 3%
    see destinations
  13. Germany$21.3 billion · 2.5%
    see destinations
  14. Italy$17.8 billion · 2.1%
    see destinations
  15. Canada$14.9 billion · 1.7%
    see destinations
  16. Spain$13.9 billion · 1.6%
    see destinations
  17. Greece$13.9 billion · 1.6%
    see destinations
  18. Oman$12.9 billion · 1.5%
    see destinations
  19. Qatar$12 billion · 1.4%
    see destinations
  20. Turkey$11.8 billion · 1.4%
    see destinations

Top importers

  1. United States$59.2 billion · 6.9%
    see sources
  2. Singapore$52.8 billion · 6.1%
    re-exports · see sources
  3. France$34.6 billion · 4%
    see sources
  4. Netherlands$33.8 billion · 3.9%
    re-exports · see sources
  5. China$32.6 billion · 3.8%
    see sources
  6. Australia$31.4 billion · 3.7%
    see sources
  7. United Kingdom$26.8 billion · 3.1%
    see sources
  8. Malaysia$25.6 billion · 3%
    see sources
  9. Germany$25.4 billion · 3%
    see sources
  10. South Korea$24.4 billion · 2.8%
    see sources
  11. Mexico$21.2 billion · 2.5%
    see sources
  12. Indonesia$20.3 billion · 2.4%
    see sources
  13. Turkey$20 billion · 2.3%
    see sources
  14. Japan$17.8 billion · 2.1%
    see sources
  15. Belgium$16.5 billion · 1.9%
    re-exports · see sources
  16. Brazil$16.3 billion · 1.9%
    see sources
  17. Canada$15.2 billion · 1.8%
    see sources
  18. Saudi Arabia$12.8 billion · 1.5%
    see sources
  19. South Africa$12.2 billion · 1.4%
    see sources
  20. Nigeria$11.6 billion · 1.4%
    see sources

Trend

Who sells it

The United States has been the top exporter since 2011

Value in USD billions. The five largest exporters in 2024.

  • United States 101
  • Singapore 54.4
  • South Korea 50.7
  • Netherlands 48.7
  • India 48.6

Source: CEPII BACI

Show the numbers
Country19952024
United States4.6101
Singapore954.4
South Korea250.7
Netherlands6.748.7
India0.548.6

Price

Implied price

The price per tonne rose 365% since 1995

Current US dollars per tonne: value over the weight reported by BACI.

  • 2024: $726

Source: CEPII BACI

Show the numbers
YearUSD per tonne
1995$156
1996$173
1997$172
1998$133
1999$67
2000$239
2001$215
2002$216
2003$277
2004$346
2005$453
2006$534
2007$643
2008$817
2009$567
2010$680
2011$897
2012$932
2013$896
2014$877
2015$537
2016$364
2017$516
2018$660
2019$535
2020$379
2021$598
2022$918
2023$792
2024$726

What it includes

Refined fuels and oils: gasoline, diesel, fuel oil, kerosene and lubricants.

  • 2710 · Refined petroleum

Products in the same chapter

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), which reconciles what exporters and importers report: countries that stopped reporting (Russia since 2022) appear with their partners’ data. FOB values in current US dollars; tonnes when BACI reports them. The price per tonne is the value of the rows with a weight divided by that weight. The transport mode is our own estimate based on value per kilo and geography. Data up to 2024.

Hong Kong, Singapore, the Netherlands and Belgium re-export goods from other countries: their figures include transit.

See all products