Colombia: Linseed Oil Market 2025

Linseed Oil Market Size in Colombia

After three years of growth, the Colombian linseed oil market decreased by -6.1% to $X in 2022. In general, consumption enjoyed a strong expansion. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Linseed Oil Exports

Exports from Colombia

In 2022, shipments abroad of linseed oil decreased by -29.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 148% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, linseed oil exports fell to $X in 2022. Overall, exports, however, saw a mild expansion. The growth pace was the most rapid in 2013 when exports increased by 91%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Ireland (X kg) was the main destination for linseed oil exports from Colombia, with a 49% share of total exports. It was followed by Ecuador (X kg), with a 0.7% share of total exports. Peru (X kg) ranked third in terms of total exports with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-33.7% per year) and Peru (-30.8% per year).

In value terms, Ireland ($X) emerged as the key foreign market for linseed oil exports from Colombia, comprising 47% of total exports. The second position in the ranking was held by Ecuador ($X), with a 2.4% share of total exports. It was followed by Costa Rica, with a 0.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-25.6% per year) and Costa Rica (-31.6% per year).

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, with an increase of 23% against the previous year. In general, the export price, however, continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2014 an increase of 36% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+14.7%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into Colombia

In 2022, the amount of linseed oil imported into Colombia expanded remarkably to X tons, increasing by 9.8% on 2021 figures. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 190%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, linseed oil imports dropped to $X in 2022. Over the period under review, imports enjoyed a strong increase. The growth pace was the most rapid in 2020 with an increase of 240%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

Belgium (X tons), Germany (X tons) and Canada (X tons) were the main suppliers of linseed oil imports to Colombia, together accounting for 54% of total imports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +62.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest linseed oil suppliers to Colombia were Belgium ($X), Canada ($X) and Germany ($X), together comprising 57% of total imports.

Canada, with a CAGR of +62.0%, recorded the highest growth rate of the value of imports, among 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 linseed oil import price amounted to $X per ton, dropping by -19.1% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, linseed oil import price increased by +46.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 54%. As a result, import price reached the peak level of $X per ton, and then reduced remarkably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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