Panama: Linseed Oil Market 2024

Linseed Oil Market Size in Panama

The Panamanian linseed oil market surged to $X in 2022, with an increase of 212% against the previous year. Overall, consumption continues to indicate a resilient expansion. Linseed oil consumption peaked in 2022 and is likely to see gradual growth in the near future.

Linseed Oil Production in Panama

In value terms, linseed oil production expanded markedly to $X in 2022 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 -6.5% against 2020 indices. The growth pace was the most rapid in 2015 when the production volume increased by 43%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Linseed Oil Exports

Exports from Panama

In 2022, overseas shipments of linseed oil decreased by -16.1% to X kg, falling for the third year in a row after three years of growth. Overall, exports, however, saw prominent growth. The pace of growth was the most pronounced in 2013 when exports increased by 634%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, linseed oil exports surged to $X in 2022. In general, exports, however, posted strong growth. The growth pace was the most rapid in 2013 when exports increased by 599% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Venezuela (X kg) was the main destination for linseed oil exports from Panama, with a 82% share of total exports. Moreover, linseed oil exports to Venezuela exceeded the volume sent to the second major destination, Canada (X kg), eightfold. Guatemala (X kg) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela stood at +52.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-1.2% per year) and Guatemala (-1.5% per year).

In value terms, Canada ($X) remains the key foreign market for linseed oil exports from Panama, comprising 62% of total exports. The second position in the ranking was held by Venezuela ($X), with a 30% share of total exports. It was followed by Guatemala, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value to Canada stood at +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+39.8% per year) and Guatemala (+17.5% per year).

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, picking up by 66% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 160% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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 Canada ($X per ton), while the average price for exports to Nicaragua ($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 Israel (+61.5%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Panama

Linseed oil imports into Panama skyrocketed to X tons in 2022, with an increase of 234% against the previous year. Over the period under review, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 2,746% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, linseed oil imports soared to $X in 2022. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2019 when imports increased by 1,424% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Free Zones (X tons) constituted the largest linseed oil supplier to Panama, accounting for a 88% share of total imports. Moreover, linseed oil imports from Free Zones exceeded the figures recorded by the second-largest supplier, Brazil (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from Free Zones amounted to +312.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+109.4% per year) and the United States (-50.7% per year).

In value terms, Free Zones ($X) constituted the largest supplier of linseed oil to Panama, comprising 85% of total imports. The second position in the ranking was held by Brazil ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Free Zones totaled +228.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+91.5% per year) and the United States (-46.0% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, which is down by -15.2% against the previous year. Overall, the import price recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 an increase of 39%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform