Latvia: Hat And Headgear Market 2025

Hat And Headgear Market Size in Latvia

The Latvian hat and headgear market skyrocketed to $X in 2022, jumping by 193% 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). Over the period under review, consumption recorded a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Hat And Headgear Exports

Exports from Latvia

In 2022, the amount of hats and other headgear exported from Latvia surged to X units, picking up by 461% against 2021 figures. Over the period under review, exports posted a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear exports reached $X in 2022. Overall, exports showed a prominent increase. The growth pace was the most rapid in 2020 with an increase of 144%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Estonia (X units), Lithuania (X units) and Russia (X units) were the main destinations of hat and headgear exports from Latvia, with a combined 71% share of total exports. Sweden, Germany, Iceland, Finland and Denmark lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +68.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for hats and other headgear exports from Latvia, comprising 41% of total exports. The second position in the ranking was held by Estonia ($X), with a 17% share of total exports. It was followed by Lithuania, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to +31.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+1.7% per year) and Lithuania (+16.6% per year).

Export Prices by Country

The average hat and headgear export price stood at $X per unit in 2022, falling by -81.6% against the previous year. Overall, the export price saw a deep contraction. The pace of growth appeared the most rapid in 2021 an increase of 51% against the previous year. As a result, the export price attained the peak level of $X per unit, and then contracted notably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Estonia ($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 Russia (-3.8%), while the prices for the other major destinations experienced a decline.

Hat And Headgear Imports

Imports into Latvia

In 2022, approx. X units of hats and other headgear were imported into Latvia; picking up by 333% against the year before. Over the period under review, imports posted a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports contracted to $X in 2022. In general, imports enjoyed a prominent increase. The growth pace was the most rapid in 2021 when imports increased by 68%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Poland (X units) constituted the largest hat and headgear supplier to Latvia, with a 34% share of total imports. Moreover, hat and headgear imports from Poland exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by Germany (X units), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Poland amounted to +28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.7% per year) and Germany (+26.2% per year).

In value terms, the largest hat and headgear suppliers to Latvia were Poland ($X), Italy ($X) and Germany ($X), with a combined 52% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of +15.8%, recorded 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

In 2022, the average hat and headgear import price amounted to $X per unit, declining by -78.8% against the previous year. Over the period under review, the import price showed a abrupt setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by 29% against the previous year. As a result, import price attained the peak level of $X per unit, and then declined markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform