Latvia: Machinery Electrical Parts Market 2025

Machinery Electrical Parts Market Size in Latvia

The Latvian machinery electrical parts market dropped to $X in 2022, which is down by -8.8% against the previous year. In general, consumption, however, posted modest growth. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Machinery Electrical Parts Production in Latvia

In value terms, machinery electrical parts production dropped to $X in 2022 estimated in export price. Over the period under review, production saw a slight decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 45%. Machinery electrical parts production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Machinery Electrical Parts Exports

Exports from Latvia

In 2022, shipments abroad of electrical parts of machinery or apparatus was finally on the rise to reach X tons after five years of decline. Over the period under review, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 268%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, machinery electrical parts exports expanded significantly to $X in 2022. Overall, exports, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2016 with an increase of 275%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Finland (X tons) were the main destinations of machinery electrical parts exports from Latvia, with a combined 86% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +37.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Spain ($X) and Lithuania ($X) appeared to be the largest markets for machinery electrical parts exported from Latvia worldwide, together accounting for 64% of total exports. Russia, Finland, Germany and Poland lagged somewhat behind, together accounting for a further 17%.

Among the main countries of destination, Russia, with a CAGR of +205.7%, recorded 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 machinery electrical parts export price amounted to $X per ton, leveling off at the previous year. Overall, the export price saw a strong expansion. The pace of growth appeared the most rapid in 2015 an increase of 161%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Poland ($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 Spain (+76.8%), while the prices for the other major destinations experienced more modest paces of growth.

Machinery Electrical Parts Imports

Imports into Latvia

In 2022, supplies from abroad of electrical parts of machinery or apparatus decreased by -4.7% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, saw strong growth. The growth pace was the most rapid in 2014 with an increase of 71%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, machinery electrical parts imports skyrocketed to $X in 2022. In general, imports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 116%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), Italy (X tons) and Estonia (X tons) were the main suppliers of machinery electrical parts imports to Latvia, with a combined 59% share of total imports. Hungary, the Netherlands, Lithuania, Finland and Denmark lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +117.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of electrical parts of machinery or apparatus to Latvia, comprising 34% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 12% share of total imports. It was followed by Estonia, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+73.1% per year) and Estonia (+16.2% per year).

Import Prices by Country

In 2022, the average machinery electrical parts import price amounted to $X per ton, jumping by 37% against the previous year. Over the period under review, the import price recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 an increase of 73%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Finland ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform