Latvia: Linseed Oil Market 2024

Linseed Oil Market Size in Latvia

The Latvian linseed oil market reduced dramatically to $X in 2022, dropping by -45.4% against the previous year. Overall, consumption showed a deep contraction. Linseed oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Linseed Oil Production in Latvia

In value terms, linseed oil production amounted to less than $X in 2022 estimated in export price. In general, production recorded a significant increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 967% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Linseed Oil Exports

Exports from Latvia

For the third consecutive year, Latvia recorded growth in overseas shipments of linseed oil, which increased by 26% to X tons in 2022. Overall, exports recorded tangible growth. The most prominent rate of growth was recorded in 2014 with an increase of 580% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, linseed oil exports expanded markedly to $X in 2022. In general, exports showed perceptible growth. The most prominent rate of growth was recorded in 2014 when exports increased by 462% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Estonia (X tons) was the main destination for linseed oil exports from Latvia, with a 82% share of total exports. Moreover, linseed oil exports to Estonia exceeded the volume sent to the second major destination, Lithuania (X tons), eightfold. Ukraine (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-6.9% per year) and Ukraine (+218.0% per year).

In value terms, Estonia ($X) emerged as the key foreign market for linseed oil exports from Latvia, comprising 67% of total exports. The second position in the ranking was held by Lithuania ($X), with a 19% share of total exports. It was followed by Ukraine, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value to Estonia stood at +7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-6.7% per year) and Ukraine (+182.0% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, declining by -15.5% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 84%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then shrank significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia ($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 the Czech Republic (+41.5%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Latvia

In 2022, purchases abroad of linseed oil decreased by -14.8% to X tons, falling for the fourth consecutive year after three years of growth. In general, imports recorded a deep slump. The pace of growth was the most pronounced in 2017 when imports increased by 212%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports contracted to $X in 2022. Overall, imports saw a perceptible downturn. The pace of growth was the most pronounced in 2016 with an increase of 79%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Lithuania (X tons) and Germany (X tons) were the main suppliers of linseed oil imports to Latvia, together comprising 84% of total imports. Italy, Ukraine, Russia, France and Poland lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +133.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil suppliers to Latvia were the Netherlands ($X), Lithuania ($X) and Germany ($X), with a combined 79% share of total imports. Italy, Russia, France, Ukraine and Poland lagged somewhat behind, together comprising a further 21%.

In terms of the main suppliers, France, with a CAGR of +87.4%, recorded the highest growth rate of the value of imports, 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, remaining constant against the previous year. Over the period under review, the import price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2015 when the average import price increased by 106%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then declined modestly 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 Germany ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+22.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform