In 2023, Finland's imports of fuel oil stood at 543.0 Thousand Metric Tons. The data showcases a fluctuating trend over the last decade. Significant growth was observed in 2014, marked by a 58.26% increase year-on-year. However, declines followed, especially evident in 2018 with a notable -50.22% dip. From 2019 onwards, imports displayed a mixed pattern of modest recoveries and declines. Specifically, the year 2022 showed a 5.35% year-on-year rise, followed by a 2.07% increase in 2023. The Compound Annual Growth Rate (CAGR) for the past five years till 2023 was 3.87%.
Looking forward, forecasted data till 2028 suggests a declining trend, with an average annual decrease of -2.38% (CAGR). The overall forecasted growth rate over the five-year period is projected to be -11.36%, indicating a gradual reduction in fuel oil imports.
Future trends to watch for include:
- Potential impacts of global energy transitions towards renewable sources, which might decrease reliance on fuel oil.
- Policy changes in Finland regarding energy imports and carbon emissions regulations.
- Fluctuations in global fuel oil prices and their influence on import volumes.
- Technological advancements in energy efficiency and alternative fuels.