Uzbekistan: Linseed Oil Market 2024

Linseed Oil Market Size in Uzbekistan

For the fourth year in a row, the Uzbek linseed oil market recorded growth in sales value, which increased by 73% to $X in 2022. Over the period under review, consumption continues to indicate significant growth. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Linseed Oil Production in Uzbekistan

In value terms, linseed oil production soared to $X in 2022 estimated in export price. In general, production posted moderate growth. The most prominent rate of growth was recorded in 2017 with an increase of 279%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports from Uzbekistan

For the third consecutive year, Uzbekistan recorded growth in overseas shipments of linseed oil, which increased by 2.4% to X tons in 2022. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 2,127%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, linseed oil exports shrank modestly to $X in 2022. In general, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 2,979% against the previous year. As a result, the exports attained the peak of $X, and then contracted slightly in the following year.

Exports by Country

South Korea (X tons), the United States (X tons) and Kyrgyzstan (X tons) were the main destinations of linseed oil exports from Uzbekistan, together comprising 89% of total exports.

From 2020 to 2022, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +231.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for linseed oil exports from Uzbekistan, comprising 58% of total exports. The second position in the ranking was held by South Korea ($X), with a 29% share of total exports. It was followed by Israel, with an 11% share.

From 2020 to 2022, the average annual rate of growth in terms of value to the United States totaled +47.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-11.6% per year) and Israel (-45.2% per year).

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, shrinking by -4.9% against the previous year. Over the last two years, it increased at an average annual rate of +14.6%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 38% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

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 the United States ($X per ton), while the average price for exports to Kyrgyzstan ($X per ton) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (+39.6%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into Uzbekistan

In 2022, linseed oil imports into Uzbekistan soared to X tons, surging by 358% compared with 2021 figures. Overall, imports continue to indicate a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, linseed oil imports surged to $X in 2022. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2019 with an increase of 184%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Kazakhstan (X tons) constituted the largest supplier of linseed oil to Uzbekistan, accounting for a 87% share of total imports. Moreover, linseed oil imports from Kazakhstan exceeded the figures recorded by the second-largest supplier, Russia (X tons), more than tenfold.

From 2017 to 2022, the average annual growth rate of volume from Kazakhstan totaled +41.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-10.6% per year) and the United States (0.0% per year).

In value terms, Kazakhstan ($X) constituted the largest supplier of linseed oil to Uzbekistan, comprising 64% of total imports. The second position in the ranking was held by the United States ($X), with a 21% share of total imports.

From 2017 to 2022, the average annual rate of growth in terms of value from Kazakhstan amounted to +87.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (0.0% per year) and Russia (-2.9% per year).

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, declining by -51.6% against the previous year. Over the period under review, the import price showed a perceptible descent. The growth pace was the most rapid in 2021 when the average import price increased by 162%. As a result, import price attained the peak level of $X per ton, and then declined dramatically 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 ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+32.4%).

Source: IndexBox Platform

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