Latvia: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Latvia

The Latvian cranks and crankshafts market rose rapidly to $X in 2022, surging by 8.7% against the previous year. Over the period under review, consumption, however, showed a perceptible decrease. Cranks and crankshafts consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Production in Latvia

In value terms, cranks and crankshafts production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 53% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Cranks And Crankshafts Exports

Exports from Latvia

Cranks and crankshafts exports from Latvia dropped sharply to X tons in 2022, declining by -38.1% on the previous year's figure. Overall, exports showed a abrupt slump. The growth pace was the most rapid in 2015 when exports increased by 91%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, cranks and crankshafts exports contracted significantly to $X in 2022. Over the period under review, exports recorded a perceptible decline. The most prominent rate of growth was recorded in 2020 with an increase of 118% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Russia (X tons), Estonia (X tons) and Germany (X tons) were the main destinations of cranks and crankshafts exports from Latvia, together accounting for 54% of total exports. Lithuania, the UK, Poland, Ukraine, Kazakhstan, Belarus, Turkey, Sweden and the Czech Republic lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +1,252.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cranks and crankshafts exported from Latvia were Russia ($X), Lithuania ($X) and Estonia ($X), with a combined 51% share of total exports. Poland, Germany, the UK, Ukraine, Belarus, Kazakhstan, Turkey, Sweden and the Czech Republic lagged somewhat behind, together comprising a further 35%.

In terms of the main countries of destination, Turkey, with a CAGR of +156.3%, 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

The average cranks and crankshafts export price stood at $X per ton in 2022, surging by 14% against the previous year. In general, the export price saw a buoyant expansion. The growth pace was the most rapid in 2014 when the average export price increased by 36%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Turkey ($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 Sweden (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Latvia

In 2022, the amount of cranks and crankshafts imported into Latvia expanded modestly to X tons, growing by 3.7% on the previous year. In general, imports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2016 when imports increased by 36%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, cranks and crankshafts imports declined to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 69% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Germany (X tons), Lithuania (X tons) and Poland (X tons) were the main suppliers of cranks and crankshafts imports to Latvia, with a combined 57% share of total imports. Turkey, Sweden, China, Russia, the UK, India, Estonia, Ukraine, Finland and Italy lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +42.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Lithuania ($X) and Poland ($X) appeared to be the largest cranks and crankshafts suppliers to Latvia, together comprising 49% of total imports. Sweden, China, Finland, Turkey, the UK, India, Estonia, Russia, Italy and Ukraine lagged somewhat behind, together accounting for a further 42%.

Turkey, with a CAGR of +50.2%, recorded 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

The average cranks and crankshafts import price stood at $X per ton in 2022, dropping by -14.8% against the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cranks and crankshafts import price increased by +51.9% against 2017 indices. The most prominent rate of growth was recorded in 2021 an increase of 25% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform