Latvia: Market for Liquefied Petroleum Gas (LPG) 2024

Market Size for Liquefied Petroleum Gas (LPG) in Latvia

The Latvian liquefied petroleum gas (LPG) market contracted rapidly to $X in 2022, which is down by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then shrank rapidly in the following year.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Latvia

In 2022, overseas shipments of liquefied petroleum gas (LPG) increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports skyrocketed to $X in 2022. Over the period under review, exports showed a moderate expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Lithuania (X tons), Poland (X tons) and Estonia (X tons) were the main destinations of liquefied petroleum gas (LPG) exports from Latvia, together accounting for X% of total exports. Cyprus and Ukraine lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cyprus (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and Estonia ($X) constituted the largest markets for liquefied petroleum gas (LPG) exported from Latvia worldwide, together accounting for X% of total exports. Cyprus and Ukraine lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Cyprus, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average liquefied petroleum gas (LPG) export price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price, however, saw a mild slump. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Poland ($X per ton) and Estonia ($X per ton), while the average price for exports to Cyprus ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (X%), while the prices for the other major destinations experienced a decline.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Latvia

Liquefied petroleum gas (LPG) imports into Latvia declined to X tons in 2022, dropping by X% against the previous year's figure. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, liquefied petroleum gas (LPG) imports soared to $X in 2022. In general, imports, however, recorded slight growth. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Russia (X tons) was the main liquefied petroleum gas (LPG) supplier to Latvia, accounting for a X% share of total imports. Moreover, liquefied petroleum gas (LPG) imports from Russia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Russia stood at X%.

In value terms, Russia ($X) constituted the largest supplier of liquefied petroleum gas (LPG) to Latvia, comprising X% of total imports. The second position in the ranking was held by Lithuania ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia amounted to X%.

Import Prices by Country

In 2022, the average liquefied petroleum gas (LPG) import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price, however, recorded a pronounced setback. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Lithuania ($X per ton), while the price for Russia amounted to $X per ton.

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

Source: IndexBox Platform

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