Latvia: Market for Extruded Solid Rubber Rods And Profiles 2024

Market Size for Extruded Solid Rubber Rods And Profiles in Latvia

The Latvian extruded solid rubber rod market shrank to $X in 2022, waning by -5.2% 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). The market value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2021, and then dropped in the following year.

Exports of Extruded Solid Rubber Rods And Profiles

Exports from Latvia

In 2022, shipments abroad of extruded solid rubber rods and profiles decreased by -26.9% to X tons, falling for the fourth consecutive year after two years of growth. Overall, exports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 159% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, extruded solid rubber rod exports expanded notably to $X in 2022. Over the period under review, exports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 161% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for extruded solid rubber rod exports from Latvia, accounting for a 51% share of total exports. Moreover, extruded solid rubber rod exports to Russia exceeded the volume sent to the second major destination, Turkey (X tons), threefold. The third position in this ranking was held by Lithuania (X kg), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at +28.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (0.0% per year) and Lithuania (+11.6% per year).

In value terms, Russia ($X), Turkey ($X) and Sweden ($X) appeared to be the largest markets for extruded solid rubber rod exported from Latvia worldwide, with a combined 81% share of total exports.

Sweden, with a CAGR of +89.3%, saw 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 extruded solid rubber rod export price amounted to $X per ton, growing by 44% against the previous year. In general, the export price continues to indicate buoyant growth. The pace of growth was the most pronounced in 2015 when the average export price increased by 148% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Spain ($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 Estonia (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Extruded Solid Rubber Rods And Profiles

Imports into Latvia

In 2022, the amount of extruded solid rubber rods and profiles imported into Latvia declined to X tons, waning by -7.6% compared with 2021. Over the period under review, imports saw a mild slump. The pace of growth was the most pronounced in 2017 when imports increased by 78% against the previous year. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, extruded solid rubber rod imports declined slightly to $X in 2022. In general, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +49.7% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 57% against the previous year. As a result, imports attained the peak of $X, and then declined modestly in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of extruded solid rubber rod to Latvia, accounting for a 53% share of total imports. Moreover, extruded solid rubber rod imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Estonia (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+36.8% per year) and Estonia (-12.8% per year).

In value terms, Germany ($X) constituted the largest supplier of extruded solid rubber rods and profiles to Latvia, comprising 52% of total imports. The second position in the ranking was held by Italy ($X), with a 10% share of total imports. It was followed by Sweden, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value from Germany stood at +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+27.0% per year) and Sweden (+45.1% per year).

Import Prices by Country

The average extruded solid rubber rod import price stood at $X per ton in 2022, picking up by 3% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, extruded solid rubber rod import price increased by +6.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 an increase of 77%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, 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 Sweden ($X per ton), while the price for Italy ($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 Czech Republic (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform