Latvia: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Latvia

The Latvian grinding and sharpening machine market soared to $X in 2022, rising by 43% against the previous year. Over the period under review, consumption showed a prominent expansion. Grinding and sharpening machine consumption peaked in 2022 and is likely to continue growth in the near future.

Production of Grinding And Sharpening Metal Finishing Machines in Latvia

In value terms, grinding and sharpening machine production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible expansion. The growth pace was the most rapid in 2017 when the production volume increased by 345%. Grinding and sharpening machine production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Latvia

In 2022, the amount of grinding and sharpening metal finishing machines exported from Latvia rose significantly to X units, surging by 12% against the previous year. Over the period under review, exports, however, recorded a precipitous setback. The pace of growth appeared the most rapid in 2020 when exports increased by 229%. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, grinding and sharpening machine exports fell dramatically to $X in 2022. Overall, exports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 143% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X units) was the main destination for grinding and sharpening machine exports from Latvia, with a 81% share of total exports. Moreover, grinding and sharpening machine exports to Russia exceeded the volume sent to the second major destination, Estonia (X units), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to Russia totaled -21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+3.8% per year) and Lithuania (-15.1% per year).

In value terms, the largest markets for grinding and sharpening machine exported from Latvia were Estonia ($X), Russia ($X) and Lithuania ($X), with a combined 61% share of total exports.

Among the main countries of destination, Estonia, with a CAGR of +16.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, waning by -25.6% against the previous year. Over the period under review, the export price, however, posted strong growth. The most prominent rate of growth was recorded in 2017 an increase of 300% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a 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 Estonia (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Latvia

In 2022, purchases abroad of grinding and sharpening metal finishing machines increased by 168% to X units, rising for the third consecutive year after two years of decline. In general, imports showed a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, grinding and sharpening machine imports skyrocketed to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 926% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Romania (X units) constituted the largest supplier of grinding and sharpening machine to Latvia, accounting for a 80% share of total imports. Moreover, grinding and sharpening machine imports from Romania exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. Poland (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from Romania totaled +135.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.1% per year) and Poland (-2.9% per year).

In value terms, Germany ($X), Poland ($X) and Lithuania ($X) constituted the largest grinding and sharpening machine suppliers to Latvia, with a combined 38% share of total imports.

Poland, with a CAGR of +29.5%, 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 grinding and sharpening machine import price stood at $X per unit in 2022, waning by -38.1% against the previous year. Over the period under review, the import price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2014 when the average import price increased by 381%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Romania ($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 (+33.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform