Latvia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Latvia

In 2022, the Latvian electrical musical instrument market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2018 indices. Electrical musical instrument consumption peaked at $X in 2021, and then dropped in the following year.

Electrical Musical Instrument Exports

Exports from Latvia

For the third consecutive year, Latvia recorded growth in shipments abroad of electrical musical or keyboard instruments, which increased by X% to X units in 2022. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, electrical musical instrument exports reduced sharply to $X in 2022. Over the period under review, exports posted strong growth. The pace of growth was the most pronounced in 2018 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Lithuania (X units), Estonia (X units) and Georgia (X units) were the main destinations of electrical musical instrument exports from Latvia, with a combined X% share of total exports. Belgium, Russia, Moldova and Azerbaijan lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for electrical musical instrument exported from Latvia were Lithuania ($X), Estonia ($X) and Russia ($X), with a combined X% share of total exports. Moldova, Georgia, Belgium and Azerbaijan lagged somewhat behind, together accounting for a further X%.

Belgium, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination 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 electrical musical instrument export price amounted to $X per unit, reducing by X% against the previous year. Overall, the export price recorded a abrupt decline. The growth pace was the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Azerbaijan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced a decline.

Electrical Musical Instrument Imports

Imports into Latvia

In 2022, purchases abroad of electrical musical or keyboard instruments increased by X% to X units, rising for the sixth year in a row after two years of decline. Overall, imports recorded prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, electrical musical instrument imports declined to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Germany (X units), China (X units) and Indonesia (X units) were the main suppliers of electrical musical instrument imports to Latvia, together accounting for X% of total imports. The Netherlands, Japan, Belgium, Vietnam, Sweden, Finland, Hungary, South Korea, Italy and Poland lagged somewhat behind, together comprising a further X%.

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

In value terms, Germany ($X) constituted the largest supplier of electrical musical or keyboard instruments to Latvia, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, reducing by X% against the previous year. In general, the import price recorded a abrupt slump. The growth pace was the most rapid in 2014 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform