Ecuador: Linseed Oil Market 2024

Linseed Oil Market Size in Ecuador

The Ecuadorian linseed oil market surged to $X in 2022, with an increase of 21% against the previous year. In general, consumption, however, saw a pronounced decline. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Linseed Oil Production in Ecuador

In value terms, linseed oil production soared to $X in 2022 estimated in export price. Overall, production posted significant growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 231%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Linseed Oil Exports

Exports from Ecuador

In 2022, approx. X tons of linseed oil were exported from Ecuador; with an increase of 18% on the year before. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 824% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, linseed oil exports soared to $X in 2022. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 861% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for linseed oil exports from Ecuador, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +67.8%.

In value terms, the United States ($X) also remains the key foreign market for linseed oil exports from Ecuador.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +55.1%.

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, picking up by 4.8% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 an increase of 45% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the Netherlands amounted to +3.8% per year.

Linseed Oil Imports

Imports into Ecuador

Linseed oil imports into Ecuador contracted significantly to X tons in 2022, with a decrease of -17.3% on the year before. In general, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 348%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, linseed oil imports plummeted to $X in 2022. Overall, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 223% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest linseed oil supplier to Ecuador, with a 80% share of total imports. Moreover, linseed oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Colombia (X kg), tenfold. The third position in this ranking was taken by the United States (X kg), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina stood at +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-3.2% per year) and the United States (-4.2% per year).

In value terms, Argentina ($X) constituted the largest supplier of linseed oil to Ecuador, comprising 68% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports. It was followed by Colombia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Argentina totaled +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.2% per year) and Colombia (-4.1% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, declining by -2.1% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.2% 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 +23.3% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 37%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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