Norway: Wool Market 2024

Wool Market Size in Norway

In 2022, the Norwegian wool market increased by 51% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. Wool consumption peaked in 2022 and is likely to see gradual growth in years to come.

Wool Production in Norway

In value terms, wool production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 42%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Wool Exports

Exports from Norway

In 2022, overseas shipments of wool increased by 68% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 6,639% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, wool exports surged to $X in 2022. In general, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 6,030%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X tons) was the main destination for wool exports from Norway, with a 97% share of total exports. It was followed by Vietnam (X kg), with a 1.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania totaled +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+236.0% per year) and India (-33.3% per year).

In value terms, Lithuania ($X) remains the key foreign market for wool exports from Norway, comprising 89% of total exports. The second position in the ranking was held by Vietnam ($X), with a 6.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania totaled +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+141.1% per year) and India (-31.7% per year).

Export Prices by Country

In 2022, the average wool export price amounted to $X per ton, leveling off at the previous year. In general, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wool export price decreased by -9.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

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 Vietnam ($X per ton), while the average price for exports to Lithuania ($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 UK (+64.5%), while the prices for the other major destinations experienced mixed trend patterns.

Wool Imports

Imports into Norway

In 2022, overseas purchases of wool increased by 16% to X tons, rising for the fifth consecutive year after three years of decline. Over the period under review, imports posted a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 179%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, wool imports skyrocketed to $X in 2022. In general, imports saw a moderate expansion. The most prominent rate of growth was recorded in 2021 with an increase of 146% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the UK (X tons) constituted the largest wool supplier to Norway, with a 73% share of total imports. Moreover, wool imports from the UK exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from the UK amounted to +99.2%.

In value terms, the UK ($X) constituted the largest supplier of wool to Norway, comprising 62% of total imports. The second position in the ranking was held by New Zealand ($X), with a 30% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the UK totaled +66.7%.

Import Prices by Country

The average wool import price stood at $X per ton in 2022, picking up by 1.5% against the previous year. In general, the import price, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 50% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for the UK totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (-6.1%).

Source: IndexBox Platform

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