Latvia: Non-Combined Refrigerator-Freezer Market 2024

Non-Combined Refrigerator-Freezer Market Size in Latvia

In 2022, after five years of growth, there was significant decline in the Latvian non-combined refrigerator-freezer market, when its value decreased by -20.1% to $X. In general, consumption, however, showed slight growth. As a result, consumption reached the peak level of $X, and then shrank sharply in the following year.

Non-Combined Refrigerator-Freezer Exports

Exports from Latvia

In 2022, shipments abroad of household refrigerators and freezers (not combined) decreased by -8.8% to X units, falling for the second year in a row after two years of growth. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -13.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 85%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-combined refrigerator-freezer exports contracted significantly to $X in 2022. Over the period under review, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 211%. The exports peaked at $X in 2021, and then fell dramatically in the following year.

Exports by Country

Lithuania (X units), Estonia (X units) and Israel (X units) were the main destinations of non-combined refrigerator-freezer exports from Latvia, with a combined 85% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Israel (with a CAGR of +1,431.3%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) remains the key foreign market for household refrigerators and freezers (not combined) exports from Latvia, comprising 57% of total exports. The second position in the ranking was held by Estonia ($X), with a 23% share of total exports. It was followed by Russia, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+3.8% per year) and Russia (-8.0% per year).

Export Prices by Country

The average non-combined refrigerator-freezer export price stood at $X per unit in 2022, with a decrease of -15.5% against the previous year. Over the period under review, the export price, however, recorded perceptible growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by 68%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then declined significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Portugal ($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 (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Combined Refrigerator-Freezer Imports

Imports into Latvia

In 2022, supplies from abroad of household refrigerators and freezers (not combined) decreased by -18.1% to X units for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. As a result, imports attained the peak of X units, and then fell dramatically in the following year.

In value terms, non-combined refrigerator-freezer imports fell remarkably to $X in 2022. Overall, imports, however, saw a perceptible increase. The most prominent rate of growth was recorded in 2021 with an increase of 42%. As a result, imports reached the peak of $X, and then reduced sharply in the following year.

Imports by Country

Lithuania (X units), Germany (X units) and Poland (X units) were the main suppliers of non-combined refrigerator-freezer imports to Latvia, with a combined 75% share of total imports. Estonia, China, Hungary, Sweden, Italy and Turkey lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +18.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-combined refrigerator-freezer suppliers to Latvia were Germany ($X), Lithuania ($X) and Poland ($X), together accounting for 76% of total imports. Estonia, Sweden, Italy, China, Hungary and Turkey lagged somewhat behind, together comprising a further 17%.

In terms of the main suppliers, Sweden, with a CAGR of +15.0%, 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

The average non-combined refrigerator-freezer import price stood at $X per unit in 2022, rising by 2% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-combined refrigerator-freezer import price increased by +63.8% against 2016 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 24%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Turkey ($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 (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform