Latvia: Market for Coconut, Abaca, Ramie and other Vegetable Textile Fibres 2024

Market Size for Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Latvia

The Latvian market for coconut, abaca, ramie and other vegetable textile fibres declined rapidly to $X in 2022, shrinking by -25.2% 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). In general, consumption, however, saw a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Exports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Exports from Latvia

In 2022, exports of coconut, abaca, ramie and other vegetable textile fibres from Latvia soared to X tons, rising by 2,179% against the previous year. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 9,691% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of coconut, abaca, ramie and other vegetable textile fibres skyrocketed to $X in 2022. Overall, exports posted a significant increase. The growth pace was the most rapid in 2017 when exports increased by 1,769% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

France (X tons), Denmark (X tons) and Lithuania (X kg) were the main destinations of exports of coconut, abaca, ramie and other vegetable textile fibres from Latvia, with a combined 99% share 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 France (with a CAGR of +119.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut, abaca, ramie and other vegetable textile fibre exported from Latvia were France ($X), Denmark ($X) and Lithuania ($X), with a combined 94% share of total exports.

Among the main countries of destination, France, with a CAGR of +137.5%, saw the highest rates of growth with regard to 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 export price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, with a decrease of -90.1% against the previous year. Overall, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 an increase of 865% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then declined sharply in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to France ($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 Lithuania (+13.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Imports into Latvia

In 2022, imports of coconut, abaca, ramie and other vegetable textile fibres into Latvia declined sharply to X tons, waning by -22.3% compared with the year before. Overall, imports, however, saw a prominent increase. The growth pace was the most rapid in 2014 when imports increased by 115% against the previous year. Over the period under review, imports of hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, imports of coconut, abaca, ramie and other vegetable textile fibres declined notably to $X in 2022. Over the period under review, imports, however, recorded strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 145% against the previous year. Over the period under review, imports of attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest coconut, abaca, ramie and other vegetable textile fibre supplier to Latvia, with a 86% share of total imports. Moreover, imports of coconut, abaca, ramie and other vegetable textile fibres from India exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), ninefold. The third position in this ranking was held by Croatia (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+21.7% per year) and Croatia (+5.2% per year).

In value terms, India ($X) constituted the largest supplier of coconut, abaca, ramie and other vegetable textile fibres to Latvia, comprising 83% of total imports. The second position in the ranking was taken by Sri Lanka ($X), with an 11% share of total imports. It was followed by Croatia, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+13.5% per year) and Croatia (+7.6% per year).

Import Prices by Country

The average import price for coconut, abaca, ramie and other vegetable textile fibres stood at $X per ton in 2022, which is down by -4.1% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for coconut, abaca, ramie and other vegetable textile fibres increased by +56.9% against 2018 indices. The growth pace was the most rapid in 2021 when the average import price increased by 33%. 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 the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+57.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform