Latvia: Market for Non-Numerically Controlled Sharpening Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Sharpening Machines For Working Metal in Latvia

The Latvian non-numerically controlled sharpening machine market soared to $X in 2022, with an increase of 48% against the previous year. Over the period under review, consumption posted a resilient expansion. Non-numerically controlled sharpening machine consumption peaked in 2022 and is likely to see steady growth in years to come.

Production of Non-Numerically Controlled Sharpening Machines For Working Metal in Latvia

In value terms, non-numerically controlled sharpening machine production totaled $X in 2022 estimated in export price. In general, production continues to indicate a slight shrinkage. The growth pace was the most rapid in 2018 with an increase of 96%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Non-Numerically Controlled Sharpening Machines For Working Metal

Exports from Latvia

Non-numerically controlled sharpening machine exports from Latvia soared to X units in 2022, increasing by 18% compared with the previous year's figure. In general, exports, however, showed a significant curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 246%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-numerically controlled sharpening machine exports soared to $X in 2022. Overall, exports, however, showed a noticeable decline. The most prominent rate of growth was recorded in 2020 with an increase of 185% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X units) was the main destination for non-numerically controlled sharpening machine exports from Latvia, accounting for a 81% share of total exports. Moreover, non-numerically controlled sharpening machine exports to Russia exceeded the volume sent to the second major destination, Estonia (X units), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia totaled -21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+3.7% per year) and Lithuania (-13.2% per year).

In value terms, Estonia ($X), Russia ($X) and Lithuania ($X) appeared to be the largest markets for non-numerically controlled sharpening machine exported from Latvia worldwide, with a combined 84% share of total exports.

Estonia, with a CAGR of +16.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average non-numerically controlled sharpening machine export price stood at $X per unit in 2022, with an increase of 20% against the previous year. Overall, the export price saw a significant increase. The pace of growth appeared the most rapid in 2015 when the average export price increased by 112% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per unit), while the average price for exports to Russia ($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 Russia (+15.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Numerically Controlled Sharpening Machines For Working Metal

Imports into Latvia

In 2022, supplies from abroad of non-numerically controlled sharpening machines for working metal increased by 196% to X units, rising for the third consecutive year after two years of decline. Overall, imports showed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-numerically controlled sharpening machine imports plummeted to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 152% against the previous year. As a result, imports attained the peak of $X, and then dropped significantly in the following year.

Imports by Country

In 2022, Romania (X units) constituted the largest supplier of non-numerically controlled sharpening machine to Latvia, accounting for a 80% share of total imports. Moreover, non-numerically controlled sharpening machine imports from Romania exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. The third position in this ranking was held by Poland (X units), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Romania was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.1% per year) and Poland (-1.7% per year).

In value terms, the largest non-numerically controlled sharpening machine suppliers to Latvia were Romania ($X), Germany ($X) and Estonia ($X), together comprising 55% of total imports.

Estonia, with a CAGR of +68.7%, recorded the highest growth rate of the value of imports, in terms of 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 non-numerically controlled sharpening machine import price amounted to $X per unit, declining by -75.4% against the previous year. Over the period under review, the import price showed a abrupt contraction. The most prominent rate of growth was recorded in 2018 an increase of 125% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the average 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 Sweden ($X per unit), while the price for Romania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform