Latvia: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Latvia

In 2022, the Latvian industrial sewing machines (non-automatic) market increased by 122% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption continues to indicate strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports from Latvia

In 2022, approx. X units of industrial sewing machines (non-automatic) were exported from Latvia; jumping by 17% on the year before. In general, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2017 with an increase of 400% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machines (non-automatic) exports shrank sharply to $X in 2022. Overall, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 429% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X units) was the main destination for industrial sewing machines (non-automatic) exports from Latvia, with a 37% share of total exports. Moreover, industrial sewing machines (non-automatic) exports to Estonia exceeded the volume sent to the second major destination, Russia (X units), twofold. Romania (X units) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia amounted to +30.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-14.7% per year) and Romania (+66.7% per year).

In value terms, Lithuania ($X), Russia ($X) and Estonia ($X) constituted the largest markets for industrial sewing machines (non-automatic) exported from Latvia worldwide, with a combined 82% share of total exports.

Estonia, with a CAGR of +9.9%, 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

The average industrial sewing machines (non-automatic) export price stood at $X per unit in 2022, shrinking by -29.6% against the previous year. In general, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the average export price increased by 72% against the previous year. The export price peaked at $X per unit in 2021, and then declined dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per unit), while the average price for exports to Romania ($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 (+4.7%), while the prices for the other major destinations experienced a decline.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports into Latvia

In 2022, overseas purchases of industrial sewing machines (non-automatic) increased by 102% to X units, rising for the second consecutive year after two years of decline. In general, imports posted a prominent increase. The growth pace was the most rapid in 2017 with an increase of 104%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, industrial sewing machines (non-automatic) imports surged to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Lithuania (X units) constituted the largest supplier of industrial sewing machines (non-automatic) to Latvia, accounting for a 53% share of total imports. Moreover, industrial sewing machines (non-automatic) imports from Lithuania exceeded the figures recorded by the second-largest supplier, Germany (X units), fivefold. Poland (X units) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania amounted to +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+25.5% per year) and Poland (+2.2% per year).

In value terms, the largest industrial sewing machines (non-automatic) suppliers to Latvia were Lithuania ($X), Germany ($X) and the Netherlands ($X), together accounting for 76% of total imports.

Among the main suppliers, Germany, with a CAGR of +30.9%, recorded the highest rates of growth with regard to 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 industrial sewing machines (non-automatic) import price stood at $X per unit in 2022, picking up by 13% against the previous year. Overall, the import price, however, saw a abrupt descent. The growth pace was the most rapid in 2019 when the average import price increased by 61%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Germany ($X per unit), while the price for Taiwan (Chinese) ($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 (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform