Latvia: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Latvia

The Latvian mixed fertilizer market reduced rapidly to $X in 2022, with a decrease of -25.8% 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). In general, consumption showed a pronounced decrease. Mixed fertilizer consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Mixed Fertilizer Exports

Exports from Latvia

In 2022, shipments abroad of mixed fertilizers decreased by -44.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, posted a strong expansion. The pace of growth was the most pronounced in 2019 when exports increased by 194% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, mixed fertilizer exports contracted rapidly to $X in 2022. In general, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2019 when exports increased by 184% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X tons) was the main destination for mixed fertilizer exports from Latvia, with a 54% share of total exports. Moreover, mixed fertilizer exports to Lithuania exceeded the volume sent to the second major destination, Ukraine (X tons), threefold. Poland (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania totaled +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+787.3% per year) and Poland (+116.6% per year).

In value terms, Lithuania ($X), Ukraine ($X) and Estonia ($X) appeared to be the largest markets for mixed fertilizer exported from Latvia worldwide, together accounting for 79% of total exports.

Ukraine, with a CAGR of +752.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average mixed fertilizer export price amounted to $X per ton, with an increase of 21% against the previous year. Overall, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed fertilizer export price increased by +69.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Poland ($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 Estonia (+12.4%), while the prices for the other major destinations experienced mixed trend patterns.

Mixed Fertilizer Imports

Imports into Latvia

In 2022, approx. X tons of mixed fertilizers were imported into Latvia; which is down by -49.2% on the year before. Overall, imports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 27%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, mixed fertilizer imports shrank modestly to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 50%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

Lithuania (X tons), Russia (X tons) and the Netherlands (X tons) were the main suppliers of mixed fertilizer imports to Latvia, with a combined 56% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +97.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) constituted the largest supplier of mixed fertilizers to Latvia, comprising 32% of total imports. The second position in the ranking was held by Russia ($X), with a 13% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lithuania amounted to +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-11.5% per year) and the Netherlands (+98.7% per year).

Import Prices by Country

In 2022, the average mixed fertilizer import price amounted to $X per ton, jumping by 94% against the previous year. Over the period under review, the import price recorded buoyant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Poland ($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 (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform