Malaysia: Linseed Oil Market 2024

Linseed Oil Market Size in Malaysia

After two years of growth, the Malaysian linseed oil market decreased by -27.8% to $X in 2022. Over the period under review, consumption, however, recorded a resilient expansion. Over the period under review, the market hit record highs at $X in 2021, and then dropped rapidly in the following year.

Linseed Oil Exports

Exports from Malaysia

In 2022, overseas shipments of linseed oil decreased by -3.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2017 with an increase of 41% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports reduced to $X in 2022. In general, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 28%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Qatar (X tons) was the main destination for linseed oil exports from Malaysia, with a 46% share of total exports. Moreover, linseed oil exports to Qatar exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), twofold. Vietnam (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Qatar stood at +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+11.8% per year) and Vietnam (+6.3% per year).

In value terms, Qatar ($X) remains the key foreign market for linseed oil exports from Malaysia, comprising 52% of total exports. The second position in the ranking was held by Brunei Darussalam ($X), with a 20% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Qatar amounted to +14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+1.4% per year) and Vietnam (-0.1% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, waning by -4.4% against the previous year. Over the period under review, the export price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 17% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 New Zealand ($X per ton), while the average price for exports to Mozambique ($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 New Zealand (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Malaysia

In 2022, after two years of growth, there was significant decline in overseas purchases of linseed oil, when their volume decreased by -19.6% to X tons. Overall, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.8% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 62%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank markedly in the following year.

In value terms, linseed oil imports shrank markedly to $X in 2022. In general, imports, however, showed a notable increase. The pace of growth was the most pronounced in 2021 when imports increased by 89% against the previous year. As a result, imports attained the peak of $X, and then contracted notably in the following year.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of linseed oil to Malaysia, accounting for a 66% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, India (X tons), sixfold. The third position in this ranking was taken by Germany (X tons), with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+41.3% per year) and Germany (-2.3% per year).

In value terms, Belgium ($X) constituted the largest supplier of linseed oil to Malaysia, comprising 51% of total imports. The second position in the ranking was taken by India ($X), with an 18% share of total imports. It was followed by Italy, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.6% per year) and Italy (+74.6% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, reducing by -4.8% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 35%. As a result, import price attained the peak level of $X per ton, and then declined slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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