Latvia: Rock Cutter Market 2024

Rock Cutter Market Size in Latvia

The Latvian rock cutter market contracted dramatically to $X in 2022, reducing by -29.6% against the previous year. In general, consumption showed a deep contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Rock Cutter Production in Latvia

In value terms, rock cutter production reduced modestly to $X in 2022 estimated in export price. In general, production saw a pronounced decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by 7.7%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Rock Cutter Exports

Exports from Latvia

Rock cutter exports from Latvia skyrocketed to X units in 2022, growing by 140% compared with the year before. Over the period under review, exports saw a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 150% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, rock cutter exports soared to $X in 2022. In general, exports recorded a temperate increase. The growth pace was the most rapid in 2020 with an increase of 2,357% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Romania (X units), Cyprus (X units) and Poland (X units) were the main destinations of rock cutter exports from Latvia, with a combined 25% share of total exports.

From 2014 to 2022, the biggest increases were recorded for Romania (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Estonia ($X) and Hungary ($X) appeared to be the largest markets for rock cutter exported from Latvia worldwide, with a combined 69% share of total exports. Romania, Lithuania, Bulgaria, Sweden, Ireland, Slovakia, Portugal, Cyprus and Poland lagged somewhat behind, together comprising a further 31%.

Among the main countries of destination, Lithuania, with a CAGR of +10.4%, saw the highest growth rate of the value of exports, 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 rock cutter export price amounted to $X per unit, with a decrease of -46.5% against the previous year. In general, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 883%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 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 Germany ($X per unit), while the average price for exports to Poland ($X per unit) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+10.4%), while the prices for the other major destinations experienced a decline.

Rock Cutter Imports

Imports into Latvia

Rock cutter imports into Latvia contracted notably to X units in 2022, shrinking by -37.5% on 2021. In general, imports recorded a deep setback. The pace of growth appeared the most rapid in 2021 with an increase of 167%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, rock cutter imports reduced remarkably to $X in 2022. Overall, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 163%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Poland (X units) and Estonia (X units) were the main suppliers of rock cutter imports to Latvia, together accounting for 80% of total imports. Moreover, rock cutter imports in China exceeded the figures recorded by the second-largest supplier, Poland, twofold.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of 0.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) constituted the largest supplier of coal or rock cutters and tunnelling machinery to Latvia, comprising 55% of total imports. The second position in the ranking was held by Italy ($X), with a 25% share of total imports. It was followed by China, with a 21% share.

From 2012 to 2022, the average annual growth rate of value from Poland totaled +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.3% per year) and China (+1.3% per year).

Import Prices by Country

In 2022, the average rock cutter import price amounted to $X per unit, waning by -36.2% against the previous year. In general, the import price saw a perceptible setback. The most prominent rate of growth was recorded in 2016 when the average import price increased by 67%. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per unit), while the price for Estonia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform