Latvia: Millet Market 2024

Millet Market Size in Latvia

The Latvian millet market shrank notably to $X in 2022, which is down by -95.5% against the previous year. In general, consumption showed a significant decrease. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Millet Production in Latvia

In value terms, millet production contracted slightly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 40%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

In 2022, the average yield of millet in Latvia amounted to less than X kg per ha, remaining stable against 2021 figures. Over the period under review, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of millet production in Latvia totaled less than X ha, almost unchanged from the previous year's figure. In general, the harvested area recorded a relatively flat trend pattern.

Millet Exports

Exports from Latvia

For the fifth consecutive year, Latvia recorded growth in shipments abroad of millet, which increased by 325% to X tons in 2022. Overall, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 16,958% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, millet exports soared to $X in 2022. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 6,685%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Lithuania (X tons), the Czech Republic (X tons) and Germany (X tons) were the main destinations of millet exports from Latvia, together comprising 97% of total exports. Estonia lagged somewhat behind, accounting for a further 2.7%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Estonia (with a CAGR of +159.6%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) emerged as the key foreign market for millet exports from Latvia, comprising 79% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a 15% share of total exports. It was followed by Germany, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value to Lithuania stood at +146.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (0.0% per year) and Germany (+54.1% per year).

Export Prices by Country

The average millet export price stood at $X per ton in 2022, growing by 168% against the previous year. Over the period under review, the export price saw prominent growth. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia ($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 Spain (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Millet Imports

Imports into Latvia

In 2022, after two years of growth, there was significant decline in purchases abroad of millet, when their volume decreased by -70.5% to X tons. Overall, imports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 1,409%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, millet imports contracted sharply to $X in 2022. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 419%. As a result, imports attained the peak of $X, and then dropped sharply in the following year.

Imports by Country

In 2022, Germany (X tons) was the main supplier of millet to Latvia, accounting for a 93% share of total imports. Moreover, millet imports from Germany exceeded the figures recorded by the second-largest supplier, the Czech Republic (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +35.7%.

In value terms, Germany ($X) constituted the largest supplier of millet to Latvia, comprising 82% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +23.6%.

Import Prices by Country

The average millet import price stood at $X per ton in 2022, dropping by -27.9% against the previous year. Overall, the import price, however, posted a measured expansion. The most prominent rate of growth was recorded in 2014 an increase of 383%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 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 the Czech Republic ($X per ton), while the price for Germany amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+5.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform