Latvia: Machinery For Packing Market 2024

Machinery For Packing Market Size in Latvia

The Latvian machinery for packing market was estimated at $X in 2022, growing by X% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Machinery For Packing Production in Latvia

In value terms, machinery for packing production expanded modestly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Machinery For Packing Exports

Exports from Latvia

For the sixth consecutive year, Latvia recorded growth in overseas shipments of machinery for packing or wrapping, which increased by X% to X units in 2022. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, machinery for packing exports totaled $X in 2022. In general, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Russia (X units) was the main destination for machinery for packing exports from Latvia, accounting for a X% share of total exports. Moreover, machinery for packing exports to Russia exceeded the volume sent to the second major destination, the United States (X units), ninefold. The third position in this ranking was taken by Poland (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Poland (X% per year).

In value terms, Russia ($X) remains the key foreign market for machinery for packing or wrapping exports from Latvia, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with an X% share of total exports. It was followed by Estonia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Estonia (X% per year).

Export Prices by Country

The average machinery for packing export price stood at $X per unit in 2022, dropping by X% against the previous year. Overall, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2016 when the average export price increased by X%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Estonia ($X per unit), while the average price for exports to Poland ($X per unit) was amongst the lowest.

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

Machinery For Packing Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in purchases abroad of machinery for packing or wrapping, which increased by X% to X units in 2022. Over the period under review, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, machinery for packing imports rose markedly to $X in 2022. In general, imports enjoyed resilient growth. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Italy (X units) constituted the largest supplier of machinery for packing to Latvia, accounting for a X% share of total imports. Moreover, machinery for packing imports from Italy exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), twofold. The third position in this ranking was held by Estonia (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Italy amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Estonia (X% per year).

In value terms, Italy ($X) constituted the largest supplier of machinery for packing or wrapping to Latvia, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by Estonia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Italy totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Estonia (X% per year).

Import Prices by Country

In 2022, the average machinery for packing import price amounted to $X per unit, reducing by X% against the previous year. Over the period under review, the import price recorded a pronounced reduction. The pace of growth appeared the most rapid in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Denmark ($X per unit), while the price for Ireland ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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