Latvia: Clove Market 2024

Clove Market Size in Latvia

The Latvian clove market soared to $X in 2022, jumping by 29% against the previous year. In general, consumption recorded prominent growth. Clove consumption peaked in 2022 and is expected to retain growth in years to come.

Clove Production in Latvia

In value terms, clove production amounted to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. Clove production peaked in 2022 and is expected to retain growth in the near future.

The average yield of cloves in Latvia stood at less than X kg per ha in 2022, standing approx. at the year before. Over the period under review, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of cloves were harvested in Latvia; stabilizing at 2021. Overall, the harvested area showed a relatively flat trend pattern.

Clove Exports

Exports from Latvia

In 2022, overseas shipments of cloves increased by 106% to X tons, rising for the second year in a row after two years of decline. In general, exports showed a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 300%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, clove exports surged to $X in 2022. Over the period under review, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 234% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Russia (X tons) was the main destination for clove exports from Latvia, with a 52% share of total exports. Moreover, clove exports to Russia exceeded the volume sent to the second major destination, Poland (X tons), threefold. Romania (X tons) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume to Russia stood at +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+35.7% per year) and Romania (+54.8% per year).

In value terms, Russia ($X) emerged as the key foreign market for cloves exports from Latvia, comprising 53% of total exports. The second position in the ranking was taken by Poland ($X), with an 18% share of total exports. It was followed by Romania, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia amounted to +18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+28.4% per year) and Romania (+57.7% per year).

Export Prices by Country

The average clove export price stood at $X per ton in 2022, surging by 17% against the previous year. In general, the export price recorded tangible growth. The most prominent rate of growth was recorded in 2013 an increase of 102% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat 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 Lithuania ($X per ton), while the average price for exports to Serbia ($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 Russia (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Clove Imports

Imports into Latvia

In 2022, purchases abroad of cloves increased by 61% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate resilient growth. The growth pace was the most rapid in 2018 when imports increased by 197%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, clove imports skyrocketed to $X in 2022. Overall, imports saw a resilient expansion. The growth pace was the most rapid in 2018 when imports increased by 203%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Madagascar (X tons), Germany (X tons) and Comoros (X tons) were the main suppliers of clove imports to Latvia, together comprising 80% of total imports. Poland, the Netherlands and Estonia lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +52.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Madagascar ($X), Germany ($X) and Comoros ($X) constituted the largest clove suppliers to Latvia, with a combined 81% share of total imports. The Netherlands, Poland and Estonia lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, Poland, with a CAGR of +35.3%, saw the highest rates of growth with regard to the value of imports, 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 clove import price amounted to $X per ton, increasing by 25% against the previous year. Overall, the import price, however, recorded a pronounced decrease. The import price peaked at $X per ton in 2013; however, from 2014 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 Estonia ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Madagascar (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform