Latvia: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Latvia

In 2022, the Latvian steel plaited band market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, saw a deep slump. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Steel Plaited Band Exports

Exports from Latvia

In 2022, shipments abroad of iron or steel plaited bands and slings decreased by -11.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a pronounced descent. The most prominent rate of growth was recorded in 2014 with an increase of 92%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, steel plaited band exports reduced slightly to $X in 2022. Over the period under review, exports, however, saw slight growth. The pace of growth appeared the most rapid in 2018 when exports increased by 150%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Estonia (X tons) was the main destination for steel plaited band exports from Latvia, accounting for a 64% share of total exports. Moreover, steel plaited band exports to Estonia exceeded the volume sent to the second major destination, Lithuania (X tons), twofold. The third position in this ranking was taken by Vietnam (X kg), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia totaled +85.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+38.9% per year) and Vietnam (+27.1% per year).

In value terms, Estonia ($X) remains the key foreign market for iron or steel plaited bands and slings exports from Latvia, comprising 63% of total exports. The second position in the ranking was taken by Lithuania ($X), with a 30% share of total exports. It was followed by Vietnam, with a 3.3% share.

From 2012 to 2022, the average annual growth rate of value to Estonia amounted to +87.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+43.3% per year) and Vietnam (+33.5% per year).

Export Prices by Country

The average steel plaited band export price stood at $X per ton in 2022, surging by 11% against the previous year. Overall, the export price saw a buoyant increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 93% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into Latvia

In 2022, supplies from abroad of iron or steel plaited bands and slings was finally on the rise to reach X tons after two years of decline. In general, imports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2014 with an increase of 206% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, steel plaited band imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 84%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of steel plaited band to Latvia, with a 57% share of total imports. Moreover, steel plaited band imports from Lithuania exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.6% per year) and the Netherlands (+49.6% per year).

In value terms, the Netherlands ($X), Lithuania ($X) and Poland ($X) were the largest steel plaited band suppliers to Latvia, together comprising 63% of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +48.2%, 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 steel plaited band import price stood at $X per ton in 2022, surging by 51% against the previous year. In general, the import price, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2017 when the average import price increased by 106%. The import price peaked at $X per ton 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 ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform