New Zealand: Linseed Oil Market 2024

Linseed Oil Market Size in New Zealand

In 2022, the New Zealand linseed oil market decreased by -32.5% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption showed a mild decrease. Over the period under review, the market attained the peak level at $X in 2021, and then reduced remarkably in the following year.

Linseed Oil Production in New Zealand

In value terms, linseed oil production shrank slightly to $X in 2022 estimated in export price. In general, the total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.1% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 103% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Linseed Oil Exports

Exports from New Zealand

In 2022, shipments abroad of linseed oil increased by 157% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports enjoyed resilient growth. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, linseed oil exports soared to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 75% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), Australia (X tons) and the Netherlands (X tons) were the main destinations of linseed oil exports from New Zealand, together accounting for 80% of total exports. Taiwan (Chinese), China, Hong Kong SAR and Singapore lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +67.7%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for linseed oil exports from New Zealand, comprising 60% of total exports. The second position in the ranking was taken by Australia ($X), with a 15% share of total exports. It was followed by the Netherlands, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan stood at +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+2.9% per year) and the Netherlands (+13.3% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, which is down by -39.6% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 31%. The export price peaked at $X per ton in 2021, and then shrank markedly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 Australia (+1.1%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into New Zealand

In 2022, imports of linseed oil into New Zealand declined to X tons, which is down by -10.4% compared with 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 65%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, linseed oil imports shrank to $X in 2022. Overall, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +97.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 85%. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Belgium (X tons) constituted the largest linseed oil supplier to New Zealand, accounting for a 62% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. Germany (X tons) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium totaled -2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+60.1% per year) and Germany (+21.1% per year).

In value terms, Belgium ($X) constituted the largest supplier of linseed oil to New Zealand, comprising 68% of total imports. The second position in the ranking was taken by Germany ($X), with an 8.1% share of total imports. It was followed by Malaysia, with a 7% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+16.0% per year) and Malaysia (+38.3% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, increasing by 4.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2021 an increase of 30%. The import price peaked in 2022 and is likely to see steady growth in the near future.

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 China ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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