Latvia: Maize Market 2025

Maize Market Size in Latvia

The Latvian maize market fell to $X in 2022, waning by -4.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +24.0% against 2020 indices. Maize consumption peaked at $X in 2021, and then fell modestly in the following year.

Maize Exports

Exports from Latvia

After two years of decline, shipments abroad of maize (green) increased by 14% to X tons in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 72% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, maize exports expanded notably to $X in 2022. In general, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 103% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Estonia (X tons) and Lithuania (X tons) were the main destinations of maize exports from Latvia.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +23.6%).

In value terms, the largest markets for maize exported from Latvia were Lithuania ($X) and Estonia ($X).

In terms of the main countries of destination, Lithuania, with a CAGR of +30.7%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average maize export price stood at $X per ton in 2022, with a decrease of -2.2% against the previous year. Over the period under review, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize export price increased by +104.4% against 2016 indices. The growth pace was the most rapid in 2017 when the average export price increased by 34%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then reduced in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+5.7%).

Maize Imports

Imports into Latvia

In 2022, imports of maize (green) into Latvia declined slightly to X tons, with a decrease of -2.4% on 2021. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 28%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, maize imports declined slightly to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.3% against 2013 indices. The most prominent rate of growth was recorded in 2017 with an increase of 23%. Over the period under review, imports attained the peak figure at $X in 2021, and then fell modestly in the following year.

Imports by Country

Uzbekistan (X tons), Italy (X tons) and Poland (X tons) were the main suppliers of maize imports to Latvia, together accounting for 59% of total imports. The Netherlands, Lithuania, Spain, Germany and Georgia lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +49.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Italy ($X) and Uzbekistan ($X) were the largest maize suppliers to Latvia, together accounting for 51% of total imports. Lithuania, Poland, Germany, Spain and Georgia lagged somewhat behind, together comprising a further 44%.

Germany, with a CAGR of +41.0%, saw 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 maize import price amounted to $X per ton, leveling off at the previous year. Overall, the import price, however, saw a mild decrease. The pace of growth appeared the most rapid in 2013 an increase of 17% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average 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 ($X per ton), while the price for Uzbekistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+3.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform