Latvia: Footwear Market 2024

Footwear Market Size in Latvia

In 2022, the Latvian footwear market increased by X% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Footwear Exports

Exports from Latvia

In 2022, overseas shipments of footwear increased by X% to X pairs, rising for the fourth consecutive year after two years of decline. In general, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, footwear exports skyrocketed to $X in 2022. Overall, exports continue to indicate a strong increase. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Russia (X pairs), Estonia (X pairs) and Lithuania (X pairs) were the main destinations of footwear exports from Latvia, together comprising X% of total exports. Kazakhstan, Poland and Sweden lagged somewhat behind, together accounting for a further X%.

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

In value terms, Russia ($X) remains the key foreign market for footwear exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Estonia ($X), with a X% share of total exports. It was followed by Lithuania, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Lithuania (X% per year).

Export Prices by Country

In 2022, the average footwear export price amounted to $X per pair, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 an increase of X%. The export price peaked in 2022 and is likely to see steady growth in years to come.

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

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

Footwear Imports

Imports into Latvia

In 2022, overseas purchases of footwear increased by X% to X pairs, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, footwear imports rose remarkably to $X in 2022. Over the period under review, 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 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Poland (X pairs), Estonia (X pairs) and Lithuania (X pairs) were the main suppliers of footwear imports to Latvia, together accounting for X% of total imports. Germany, China, Italy, the Netherlands and Denmark lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest footwear suppliers to Latvia were Poland ($X), Germany ($X) and Estonia ($X), together comprising X% of total imports. Italy, the Netherlands, Lithuania, China and Denmark lagged somewhat behind, together comprising a further X%.

Among the main suppliers, the Netherlands, with a CAGR of X%, saw the highest growth rate of 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

The average footwear import price stood at $X per pair in 2022, with a decrease of X% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price 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, footwear import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by X%. The import price peaked at $X per pair in 2021, and then reduced in the following year.

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 Italy ($X per pair), while the price for China ($X per pair) was amongst the lowest.

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

Source: IndexBox Platform