Lithuania: Linseed Oil Market 2024

Linseed Oil Market Size in Lithuania

The Lithuanian linseed oil market declined markedly to $X in 2022, with a decrease of -16.1% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Linseed Oil Production in Lithuania

In value terms, linseed oil production fell modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 92% against the previous year. Linseed oil production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Linseed Oil Exports

Exports from Lithuania

In 2022, shipments abroad of linseed oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 649% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports skyrocketed to $X in 2022. Overall, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 471% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Latvia (X tons) was the main destination for linseed oil exports from Lithuania, accounting for a 82% share of total exports. Moreover, linseed oil exports to Latvia exceeded the volume sent to the second major destination, Estonia (X tons), ninefold. Russia (X tons) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia amounted to +114.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+16.9% per year) and Russia (+16.4% per year).

In value terms, Latvia ($X) emerged as the key foreign market for linseed oil exports from Lithuania, comprising 58% of total exports. The second position in the ranking was held by Russia ($X), with a 14% share of total exports. It was followed by Estonia, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value to Latvia amounted to +86.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+19.3% per year) and Estonia (+6.0% per year).

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, falling by -59.1% against the previous year. In general, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 an increase of 87% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined significantly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Latvia ($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 Ukraine (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Lithuania

In 2022, linseed oil imports into Lithuania reduced markedly to X tons, which is down by -25.8% against 2021. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 533% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, linseed oil imports contracted sharply to $X in 2022. Over the period under review, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 519% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Belgium (X tons) constituted the largest linseed oil supplier to Lithuania, accounting for a 63% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by Poland (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at +31.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-10.4% per year) and Poland (+42.1% per year).

In value terms, the largest linseed oil suppliers to Lithuania were Belgium ($X), Germany ($X) and Latvia ($X), with a combined 80% share of total imports. Poland and Ukraine lagged somewhat behind, together accounting for a further 10%.

Poland, with a CAGR of +47.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, reducing by -10.8% against the previous year. In general, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 36% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Belgium ($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 (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform