Estonia: Linseed Oil Market 2024

Linseed Oil Market Size in Estonia

In 2022, the Estonian linseed oil market decreased by -36.3% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a pronounced curtailment. As a result, consumption attained the peak level of $X, and then shrank dramatically in the following year.

Linseed Oil Exports

Exports from Estonia

In 2022, overseas shipments of linseed oil decreased by -64.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, continue to indicate a pronounced increase. The growth pace was the most rapid in 2019 when exports increased by 281% against the previous year. The exports peaked at X tons in 2021, and then declined sharply in the following year.

In value terms, linseed oil exports declined remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 217% against the previous year. The exports peaked at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Lithuania (X tons) was the main destination for linseed oil exports from Estonia, with a 64% share of total exports. Moreover, linseed oil exports to Lithuania exceeded the volume sent to the second major destination, Belgium (X tons), twofold. The third position in this ranking was taken by Finland (X kg), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to +68.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+2,604.1% per year) and Finland (-25.1% per year).

In value terms, Lithuania ($X) emerged as the key foreign market for linseed oil exports from Estonia, comprising 61% of total exports. The second position in the ranking was taken by Belgium ($X), with a 22% share of total exports. It was followed by Latvia, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to +59.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+1,562.7% per year) and Latvia (+42.2% per year).

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, surging by 16% against the previous year. In general, the export price saw a temperate increase. The growth pace was the most rapid in 2015 an increase of 147%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Finland ($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 Germany (+14.2%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into Estonia

In 2022, purchases abroad of linseed oil decreased by -30.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports recorded a pronounced descent. The growth pace was the most rapid in 2020 when imports increased by 50%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, linseed oil imports declined dramatically to $X in 2022. Over the period under review, imports saw a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 91%. As a result, imports attained the peak of $X, and then fell sharply in the following year.

Imports by Country

In 2022, the Netherlands (X tons) was the main supplier of linseed oil to Estonia, with a 95% share of total imports. It was followed by Latvia (X tons), with a 3.1% share of total imports. Belgium (X tons) ranked third in terms of total imports with a 0.5% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Latvia (+6.8% per year) and Belgium (-30.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of linseed oil to Estonia, comprising 92% of total imports. The second position in the ranking was taken by Latvia ($X), with a 3.6% share of total imports. It was followed by Belgium, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Latvia (+12.5% per year) and Belgium (-29.5% per year).

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, shrinking by -15.5% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 +76.8% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 61%. As a result, import price reached the peak level of $X per ton, and then dropped dramatically in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ukraine ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform