Latvia: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Latvia

The Latvian mixed fertilizer market contracted dramatically to $X in 2022, dropping 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 showed a perceptible contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Mixed Fertilizer Exports

Exports from Latvia

In 2022, overseas shipments of mixed fertilizers decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, mixed fertilizer exports reduced markedly to $X in 2022. In general, exports, however, saw a strong increase. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X tons) was the main destination for mixed fertilizer exports from Latvia, accounting for a X% share of total exports. Moreover, mixed fertilizer exports to Lithuania exceeded the volume sent to the second major destination, Ukraine (X tons), threefold. Poland (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (X% per year) and Poland (X% per year).

In value terms, Lithuania ($X), Ukraine ($X) and Canada ($X) were the largest markets for mixed fertilizer exported from Latvia worldwide, together comprising X% of total exports.

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

Export Prices by Country

In 2022, the average mixed fertilizer export price amounted to $X per ton, with an increase of X% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2022: its price 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, mixed fertilizer export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Poland ($X per ton) 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 mixed trend patterns.

Mixed Fertilizer Imports

Imports into Latvia

In 2022, the amount of mixed fertilizers imported into Latvia fell rapidly to X tons, shrinking by X% against 2021 figures. Overall, imports recorded a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mixed fertilizer imports contracted modestly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

Lithuania (X tons), Russia (X tons) and Estonia (X tons) were the main suppliers of mixed fertilizer imports to Latvia, with a combined X% share of total imports. The Netherlands, Finland, Morocco, Spain, Belarus, Germany, Norway, Belgium, Poland and Denmark lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) constituted the largest supplier of mixed fertilizers to Latvia, comprising X% of total imports. The second position in the ranking was held by Russia ($X), with a X% share of total imports. It was followed by the Netherlands, with a X% share.

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

Import Prices by Country

In 2022, the average mixed fertilizer import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price recorded a buoyant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the Netherlands ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

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 more modest paces of growth.

Source: IndexBox Platform

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