China sharply reduced linseed oil imports in 2024

In 2024, China experienced a significant decrease in linseed oil imports, with volumes dropping by 68% to 7.7 thousand tons and total cost plummeting by 70% to 7.2 million US dollars compared to the previous year. The main suppliers, Russia and Kazakhstan, saw a reduction in their supply volumes by two and seven times, respectively. This decline was attributed to a decrease in production in Russia, reduced demand in China, and a shift in Chinese consumer preferences towards other vegetable oils. The future of linseed oil imports in 2025 remains uncertain, hinged on factors such as Russian production levels, pricing strategies for alternative oils, and consumer trends in the Chinese market.

According to the General Administration of Customs of the People’s Republic of China, in 2024 China reduced its imports of linseed oil by 68%, reducing supplies to 7.7 thousand tons compared to 23.9 thousand tons in 2023. The cost of imports fell even more – to 7.2 million US dollars (-70% year-on-year). China last demonstrated such low volumes of purchases in 2010, which indicates significant changes in the country’s market priorities. The main suppliers remain Russia and Kazakhstan. Russia provided 6.1 thousand tons (80% of total imports), but its supply volumes fell by 2.1 times. Kazakhstan exported 1.5 thousand tons (20% of the market), which is seven times less than in previous years. Other countries practically disappeared from the market, and their products were presented mainly in the premium segment. Linseed oil prices also changed. The average price in 2024 was $939.8/t (-6% compared to 2023). Russia had the lowest average price – $876.3/t, in Kazakhstan it reached ...