Latvia: Maize Market 2025

Maize Market Size in Latvia

The Latvian maize market skyrocketed to $X in 2022, rising by 93% 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, consumption continues to indicate buoyant growth. Maize consumption peaked in 2022 and is expected to retain growth in the near future.

Maize Exports

Exports from Latvia

After three years of decline, shipments abroad of maize increased by 132% to X tons in 2022. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 545% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize exports soared to $X in 2022. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 467%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Spain (X tons) was the main destination for maize exports from Latvia, accounting for a 57% share of total exports. Moreover, maize exports to Spain exceeded the volume sent to the second major destination, Estonia (X tons), twofold. The Netherlands (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Spain stood at +1,439.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+30.0% per year) and the Netherlands (-12.5% per year).

In value terms, Spain ($X) emerged as the key foreign market for maize exports from Latvia, comprising 60% of total exports. The second position in the ranking was held by Estonia ($X), with a 22% share of total exports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain totaled +627.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+29.2% per year) and the Netherlands (-13.6% per year).

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, rising by 24% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 35%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lithuania ($X per ton) and Spain ($X per ton), while the average price for exports to Estonia ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+3.5%), while the prices for the other major destinations experienced a decline.

Maize Imports

Imports into Latvia

In 2022, purchases abroad of maize was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 151% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, maize imports surged to $X in 2022. In general, imports recorded a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 146% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of maize to Latvia, with a 80% share of total imports. Moreover, maize imports from Russia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), ninefold. Poland (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia amounted to +58.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+7.0% per year) and Poland (+31.8% per year).

In value terms, Russia ($X) constituted the largest supplier of maize to Latvia, comprising 76% of total imports. The second position in the ranking was held by Lithuania ($X), with a 10% share of total imports. It was followed by Poland, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia stood at +59.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+7.3% per year) and Poland (+27.5% per year).

Import Prices by Country

The average maize import price stood at $X per ton in 2022, picking up by 14% against the previous year. Over the period under review, the import price, however, showed a mild setback. The pace of growth was the most pronounced in 2021 an increase of 39%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Lithuania ($X per ton) and Poland ($X per ton), while the price for Ukraine ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform