Latvia: Cylindrical Roller Bearing Market 2024

Cylindrical Roller Bearing Market Size in Latvia

For the fourth year in a row, the Latvian cylindrical roller bearing market recorded growth in sales value, which increased by 33% to $X in 2022. Over the period under review, consumption saw significant growth. Latvia consumption peaked in 2022 and is expected to retain growth in years to come.

Cylindrical Roller Bearing Production in Latvia

In value terms, cylindrical roller bearing production rose markedly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 81%. Latvia production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Cylindrical Roller Bearing Exports

Exports from Latvia

In 2022, the amount of cylindrical roller bearings exported from Latvia contracted dramatically to X tons, dropping by -59.9% compared with 2021 figures. Overall, exports showed a dramatic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 84%. The Latvia exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, cylindrical roller bearing exports fell to $X in 2022. In general, exports faced a abrupt downturn. The pace of growth was the most pronounced in 2020 when exports increased by 33%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Germany (X tons), China (X tons) and Japan (X tons), together amounting to 53% of total export. Romania (X tons) ranks next in terms of the total exports with a 7.7% share, followed by Slovakia (5.6%). Taiwan (Chinese) (X tons), Kazakhstan (X tons), Canada (X tons), Russia (X tons), Hong Kong SAR (X tons), Poland (X tons), France (X tons) and Italy (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +43.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest cylindrical roller bearing supplier from Latvia, comprising 27% of global exports. The second position in the ranking was taken by Japan ($X), with an 11% share of global exports. It was followed by China, with an 8.9% share.

In Germany, cylindrical roller bearing exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-0.3% per year) and China (+6.6% per year).

Export Prices by Country

In 2022, the export price in Latvia amounted to $X per ton, with an increase of 132% against the previous year. Over the period under review, the export price showed a buoyant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.3%), while the other leaders experienced more modest paces of growth.

Cylindrical Roller Bearing Imports

Imports into Latvia

In 2022, cylindrical roller bearing imports into Latvia contracted sharply to X tons, with a decrease of -32.5% compared with 2021 figures. In general, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2015 when imports increased by 62% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cylindrical roller bearing imports fell rapidly to $X in 2022. Over the period under review, imports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 when imports increased by 65% against the previous year. Latvia imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of cylindrical roller bearing imports in 2022 were China (X tons), Russia (X tons) and Germany (X tons), together accounting for 42% of total import. It was distantly followed by the United States (X tons), making up a 5.7% share of total imports. Spain (X tons), Mexico (X tons), Italy (X tons), Brazil (X tons), Thailand (X tons), South Korea (X tons), Indonesia (X tons), Turkey (X tons) and the Czech Republic (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Thailand (with a CAGR of +20.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and the United States ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 43% share of total imports. Mexico, Italy, Brazil, Russia, South Korea, Spain, Indonesia, Turkey, the Czech Republic and Thailand lagged somewhat behind, together comprising a further 23%.

In terms of the main importing countries, Spain, with a CAGR of +13.7%, 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 import price in Latvia amounted to $X per ton, jumping by 19% against the previous year. Over the period under review, the import price saw prominent growth. The pace of growth appeared the most rapid in 2014 an increase of 158% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform