Latvia: Spectacle Frame Market 2024

Spectacle Frame Market Size in Latvia

For the fourth year in a row, the Latvian spectacle frame market recorded decline in sales value, which decreased by X% to $X in 2022. Over the period under review, consumption faced a abrupt downturn. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Spectacle Frame Exports

Exports from Latvia

In 2022, approx. X units of frames and mountings for spectacles, goggles or the like were exported from Latvia; growing by X% compared with the previous year's figure. Over the period under review, exports showed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, spectacle frame exports surged to $X in 2022. In general, exports enjoyed a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X units) was the main destination for spectacle frame exports from Latvia, with a X% share of total exports. Moreover, spectacle frame exports to Russia exceeded the volume sent to the second major destination, Lithuania (X units), fivefold. The third position in this ranking was taken by Estonia (X units), with a X% share.

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

In value terms, Russia ($X), Lithuania ($X) and Estonia ($X) were the largest markets for spectacle frame exported from Latvia worldwide, together comprising X% of total exports.

Russia, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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 spectacle frame export price amounted to $X per unit, with a decrease of X% against the previous year. Overall, the export price, however, showed a temperate increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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

Spectacle Frame Imports

Imports into Latvia

In 2022, purchases abroad of frames and mountings for spectacles, goggles or the like increased by X% to X units, rising for the second year in a row after five years of decline. In general, imports, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, spectacle frame imports skyrocketed to $X in 2022. Overall, total imports indicated strong growth 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 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

China (X units), Lithuania (X units) and Italy (X units) were the main suppliers of spectacle frame imports to Latvia, together comprising X% of total imports. France, Hungary, Germany, Poland and the UK lagged somewhat behind, together accounting for a further X%.

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

In value terms, Italy ($X), Lithuania ($X) and Germany ($X) were the largest spectacle frame suppliers to Latvia, together comprising X% of total imports. China, Poland, France, Hungary and the UK lagged somewhat behind, together accounting for a further X%.

Poland, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average spectacle frame import price stood at $X per unit in 2022, approximately equating the previous year. In general, the import price posted a prominent increase. The pace of growth was the most pronounced in 2018 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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

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

Source: IndexBox Platform