Latvia: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Latvia

The Latvian chemically modified oils market soared to $X in 2022, picking up by 40% against the previous year. In general, consumption saw prominent growth. Chemically modified oils consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in Latvia

In value terms, chemically modified oils production contracted markedly to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable descent. The pace of growth appeared the most rapid in 2017 when the production volume increased by 122%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Latvia

In 2022, overseas shipments of animal or vegetable fats and oils chemically modified increased by 73% to X tons, rising for the fifth year in a row after five years of decline. In general, exports, however, faced a abrupt shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 412%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, chemically modified oils exports soared to $X in 2022. Over the period under review, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 629% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X tons) was the main destination for chemically modified oils exports from Latvia, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania stood at +14.6%.

In value terms, Lithuania ($X) also remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Latvia.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania stood at +18.8%.

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, reducing by -33.2% against the previous year. Overall, the export price, however, showed a resilient increase. The growth pace was the most rapid in 2017 an increase of 224%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Lithuania.

From 2012 to 2022, the rate of growth in terms of prices for Estonia amounted to +18.6% per year.

Chemically Modified Oils Imports

Imports into Latvia

In 2022, approx. X tons of animal or vegetable fats and oils chemically modified were imported into Latvia; jumping by 110% compared with the previous year. Over the period under review, imports saw buoyant growth. The pace of growth was the most pronounced in 2020 with an increase of 2,028% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chemically modified oils imports soared to $X in 2022. In general, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 1,797% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Lithuania (X tons) was the main supplier of chemically modified oils to Latvia, with a 92% share of total imports. Moreover, chemically modified oils imports from Lithuania exceeded the figures recorded by the second-largest supplier, Estonia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania totaled +40.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+71.0% per year) and Greece (0.0% per year).

In value terms, Lithuania ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Latvia, comprising 85% of total imports. The second position in the ranking was taken by Estonia ($X), with an 8.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Lithuania amounted to +44.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+68.2% per year) and Greece (0.0% per year).

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, rising by 5.1% against the previous year. In general, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +15.0% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 73%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average 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 Estonia ($X per ton), while the price for Greece ($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 (+2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform