Latvia: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Latvia

In 2022, the Latvian industrial sewing machine market increased by 30% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, recorded a perceptible reduction. Industrial sewing machine consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Industrial Sewing Machine Production in Latvia

In value terms, industrial sewing machine production declined modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 82% against the previous year. Industrial sewing machine production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Industrial Sewing Machine Exports

Exports from Latvia

In 2022, exports of industrial sewing machines from Latvia expanded notably to X units, surging by 5% compared with the previous year's figure. In general, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 185%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, industrial sewing machine exports contracted sharply to $X in 2022. Over the period under review, exports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2017 with an increase of 615% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Norway (X units), Estonia (X units) and Russia (X units) were the main destinations of industrial sewing machine exports from Latvia, together accounting for 70% of total exports. Romania, Lithuania, the UK, Ukraine, Denmark, Belarus and Germany lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +66.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Lithuania ($X) and Estonia ($X) appeared to be the largest markets for industrial sewing machine exported from Latvia worldwide, with a combined 70% share of total exports.

Among the main countries of destination, Estonia, with a CAGR of +40.4%, recorded the highest rates of growth with regard to the value of exports, 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 industrial sewing machine export price amounted to $X per unit, declining by -42.9% against the previous year. Over the period under review, the export price saw a slight decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by 195%. The export price peaked at $X per unit in 2021, and then fell remarkably 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 (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.

Industrial Sewing Machine Imports

Imports into Latvia

In 2022, supplies from abroad of industrial sewing machines increased by 105% to X units, rising for the second consecutive year after three years of decline. Over the period under review, imports recorded a strong increase. The most prominent rate of growth was recorded in 2017 when imports increased by 203% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, industrial sewing machine imports surged to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 320%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Lithuania (X units) constituted the largest industrial sewing machine supplier to Latvia, with a 49% share of total imports. Moreover, industrial sewing machine imports from Lithuania exceeded the figures recorded by the second-largest supplier, Poland (X units), fourfold. Germany (X units) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania stood at +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+6.5% per year) and Germany (+16.7% per year).

In value terms, the largest industrial sewing machine suppliers to Latvia were Lithuania ($X), Germany ($X) and Poland ($X), together comprising 68% of total imports. The Netherlands, China, Japan and Taiwan (Chinese) lagged somewhat behind, together comprising a further 26%.

Among the main suppliers, China, with a CAGR of +27.3%, 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 machine import price stood at $X per unit in 2022, picking up by 18% against the previous year. Overall, the import price, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2019 when the average import price increased by 62%. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Taiwan (Chinese) ($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 (+17.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform