Latvia: Biological Product Market 2024

Biological Product Market Size in Latvia

In 2022, the Latvian biological product market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. Biological product consumption peaked at $X in 2021, and then dropped significantly in the following year.

Biological Product Exports

Exports from Latvia

In 2022, after three years of growth, there was significant decline in shipments abroad of biological products, when their volume decreased by X% to X tons. In general, exports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then fell dramatically in the following year.

In value terms, biological product exports shrank rapidly to $X in 2022. Overall, total exports indicated a measured increase from 2012 to 2022: its value 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 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then shrank markedly in the following year.

Exports by Country

Austria (X tons), Russia (X tons) and Germany (X tons) were the main destinations of biological product exports from Latvia, together accounting for X% of total exports.

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

In value terms, Lithuania ($X) remains the key foreign market for biological products exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Russia ($X), with a X% share of total exports. It was followed by Estonia, with a X% share.

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

Export Prices by Country

The average biological product export price stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price, however, continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2016 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X,068 per ton), while the average price for exports to Austria ($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 Uzbekistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Latvia

In 2022, after three years of growth, there was significant decline in purchases abroad of biological products, when their volume decreased by X% to X tons. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted markedly in the following year.

In value terms, biological product imports dropped remarkably to $X in 2022. Overall, imports, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then dropped sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of biological product to Latvia, accounting for a X% share of total imports. Moreover, biological product imports from China exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), fourfold. The third position in this ranking was taken by Denmark (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and Denmark (X% per year).

In value terms, Switzerland ($X), Germany ($X) and China ($X) appeared to be the largest biological product suppliers to Latvia, together accounting for X% of total imports.

China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average biological product import price amounted to $X per ton, reducing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

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 Switzerland ($X,858 per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform