The import value of petroleum-based lubricating oil to Finland has experienced significant fluctuations over the years, with a general downward trend from 2013 to 2020. Between 2013 and 2020, the import value decreased from 64.142 million USD to 41.784 million USD, representing a notable decline. However, from 2021 onwards, there was a recovery, with the value rising to 53.035 million USD in 2023.
Year-on-year variations demonstrate the volatility of import values:
- 2019 vs. 2018: -2.58%
- 2020 vs. 2019: -15.43%
- 2021 vs. 2020: +16.54%
- 2022 vs. 2021: +7.11%
- 2023 vs. 2022: +1.69%
The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) was approximately 0.9%, indicating a modest recovery, while the forecasted five-year CAGR from 2024 to 2028 is projected at 1.32%, suggesting a more stable but slower growth rate.
Future trends to watch for include potential impacts of global oil market dynamics, geopolitical developments, and advancements in alternative lubricating technologies that could affect import demands.
