WORLD’S MOST TRADED PRODUCT – PHILIPPINES AND TURKEY MARKET ANALYSIS
WORLD’S MOST TRADED PRODUCT – PHILIPPINES AND TURKEY MARKET ANALYSIS
UNDERSTANDING THE GLOBAL MARKET OF CRUDE OIL AT PRESENT
Yes! You heard it right. The most traded product in the world between every country is none other than crude oil, also known as black gold. In simple terms, crude oil is a liquified substance comprising mainly organic compounds and hydrocarbon deposits. This product is majorly used as a fuel as it is easily flammable and combustible in nature.
As crude oil is the most popular traded item, a separate market research report is released every year pertaining to all the statistics and insights about the crude oil trade such as its global market, trends, and opportunities. For instance, as per this report, the global market size of crude oil would grow and reach USD 2904.09 billion by the end of 2023 and will compound annually at 5.7%. Due to the war between Russia and Ukraine, this analysis was set to change a bit, and was later updated that by 2027, the crude oil market will touch USD 3481.5 billion with an annual growth of 4.6%.
Some of the main countries in this crude oil market are Argentina, Austria, Brazil, Canada, Denmark, Malaysia, Netherlands, Ireland, India, and the United States. The major companies of the world who has their major stake in the crude oil market are Royal Dutch Shell, followed by Exxon Mobil co., Rosneft, and Kuwait Petroleum corporation.
In a nutshell, the crude oil market is very big and highly investible as the demand for this product will never go down as it is required on a timely basis by factories, industries, the automobile industry, etc.
MARKET SCENARIO OF THE PHILIPPINES CRUDE OIL INDUSTRY
As per the Philippines Export Data for the year 2020, the Philippines exported crude oil worth USD 192 million to the world. This made the country the 59th largest nation to export crude oil of this value. Also in the same year, crude oil became the 55th most popular product to be exported from the nation across the globe. The Philippines Export Data 2020 also mentions the top 5 countries to whom the Philippines exported crude oil the most. They are as follows:
· Thailand (USD 119 million)
· Singapore (USD 43.76 million)
· South Korea (USD 21.84 million)
· China (USD 7.9 million)
· Japan (USD 6.5 million)
Thailand and Japan were the two markets that escalated crude oil imports from the Philippines as per the Philippines Export Data 2020.
Similarly, the Philippines imported crude oil worth USD 1.22 billion as recorded in the Philippines Import Data for the year 2020. The Philippines was the 47th biggest importer of crude oil across the world and it was the 9th most favorite import item of the country. Although the Philippines imported crude oil from numerous countries, but the major imports according to the Philippines Import Data were from:
· Saudi Arabia (USD 391 million)
· Kuwait (USD 345 million)
· Russia (USD 154.5 million)
· South Korea (USD 110 million)
· Nigeria (USD 59 million)
The Philippines Import Data with reference to crude oil was dominated by imports from Russia (USD 58 million) and Uruguay (USD 28.5 million) in the year 2020.
TURKEY CRUDE OIL MARKET TRENDS AND INSIGHTS
Based on Turkey Export Data for the year 2020, the country exported crude petroleum worth USD 733 million which made Turkey the 40th largest exporting country to do so. For Turkey, crude oil was at position 54 as the most exported item. In addition to this, the Turkey Export Data mentions the top 5 countries to whom Turkey exported crude oil the most. They are as follows:
· India (USD 404 million)
· Thailand (USD 136.5 million)
· The United Kingdom (USD 70 million)
· Spain (USD 65 million)
· China (USD 32 million)
During this period, Turkey increased its crude oil exports to China, Spain, and Romania by a very significant level helping to provide mileage to Turkey Export Data for the year 2020.
On another end, we also studied Turkey Import Data which mentions that Turkey imported crude oil worth USD 4 billion in the year 2020 and became the 22nd biggest country to do so in the world. Crude Oil was in the top 10 list of most popular imports to Turkey. If we believe Turkey Import Data for the year 2020 then we get to know the top 5 nations from whom imports were the most. They are as follows:
· Kazakhstan (USD 1.25 billion)
· Russia (USD 900 million)
· Nigeria (USD 824 million)
· Norway (USD 760 million)
· Azerbaijan (USD 225 million)
The rapid growth in imports from Nigeria and Norway was registered in Turkey Import Data in the year 2020.
CONCLUSION
As we mentioned before too, the crude oil market is not going anywhere in the future too as it is one of the most evergreen industries in the world due to its repetitive requirements and needs. After putting light on the Philippines Trade Data and Turkey Trade Data as of 2020, we think that every nation in this world is intro trading of crude oil as it is one of the primary needs.
FOR MORE SUCH ANALYTICAL REPORTS
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