Latvia: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in Latvia

In 2022, the Latvian machine-tool for drilling market increased by 3.6% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption enjoyed a resilient increase. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Machine-Tool For Drilling Exports

Exports from Latvia

In 2022, the amount of machine-tools for drilling, boring or milling metal exported from Latvia soared to X units, increasing by 34% against 2021. Overall, exports, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2015 with an increase of 206% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, machine-tool for drilling exports surged to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 386% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X units) was the main destination for machine-tool for drilling exports from Latvia, accounting for a 71% share of total exports. Moreover, machine-tool for drilling exports to Russia exceeded the volume sent to the second major destination, Lithuania (X units), fourfold. Estonia (X units) ranked third in terms of total exports with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at +42.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-8.5% per year) and Estonia (-9.7% per year).

In value terms, Russia ($X) emerged as the key foreign market for machine-tools for drilling, boring or milling metal exports from Latvia, comprising 89% of total exports. The second position in the ranking was held by Lithuania ($X), with a 3.1% share of total exports. It was followed by the Netherlands, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to +34.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-24.9% per year) and the Netherlands (+101.4% per year).

Export Prices by Country

In 2022, the average machine-tool for drilling export price amounted to $X per unit, picking up by 71% against the previous year. Overall, the export price recorded temperate growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 524% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external 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 Denmark (+162.1%), while the prices for the other major destinations experienced mixed trend patterns.

Machine-Tool For Drilling Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in supplies from abroad of machine-tools for drilling, boring or milling metal, which increased by 13% to X units in 2022. Over the period under review, imports showed resilient growth. The growth pace was the most rapid in 2013 when imports increased by 191%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, machine-tool for drilling imports shrank significantly to $X in 2022. In general, imports, however, faced a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by 188%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Estonia (X units), Ukraine (X units) and China (X units) were the main suppliers of machine-tool for drilling imports to Latvia, with a combined 61% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +188.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Italy ($X) and China ($X) constituted the largest machine-tool for drilling suppliers to Latvia, together comprising 54% of total imports. Poland, Germany, Estonia, Ukraine, Sweden and the Netherlands lagged somewhat behind, together accounting for a further 31%.

Ukraine, with a CAGR of +27.0%, recorded the highest growth rate of the value of imports, among the main suppliers 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 machine-tool for drilling import price amounted to $X per unit, waning by -50.4% against the previous year. In general, the import price saw a abrupt descent. The most prominent rate of growth was recorded in 2021 an increase of 144% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Italy ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+10.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform