Latvia: Oil Crops Market 2024

Oil Crops Market Size in Latvia

The Latvian oil crops market skyrocketed to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption enjoyed strong growth. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Oil Crops Production in Latvia

In value terms, oil crops production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In 2022, the average oil crops yield in Latvia reached X tons per ha, increasing by X% on the previous year's figure. Overall, the yield indicated a mild increase from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops yield decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of X%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2022, the growth of the average oil crops yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of oil crops (primary) were harvested in Latvia; standing approx. at the year before. Over the period under review, the total harvested area indicated a pronounced increase from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops harvested area decreased by X% against 2020 indices. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, the harvested area dedicated to oil crops production attained the maximum at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

Oil Crops Exports

Exports from Latvia

In 2022, shipments abroad of oil crops (primary) decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, oil crops exports expanded slightly to $X in 2022. In general, exports, however, showed pronounced growth. The pace of growth was the most pronounced in 2019 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Netherlands (X tons), Germany (X tons) and the UK (X tons) were the main destinations of oil crops exports from Latvia, with a combined X% share of total exports.

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

In value terms, the largest markets for oil crops exported from Latvia were Germany ($X), the Netherlands ($X) and Sweden ($X), with a combined X% share of total exports. The UK, Finland, Denmark, Belgium and Lithuania lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, the UK, with a CAGR of X%, saw the highest growth rate of the value of exports, 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 oil crops export price amounted to $X per ton, jumping by X% against the previous year. In general, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Sweden ($X per ton) and Denmark ($X per ton), while the average price for exports to the Netherlands ($X per ton) and the UK ($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 Sweden (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into Latvia

In 2022, purchases abroad of oil crops (primary) decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, recorded a perceptible increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then declined in the following year.

In value terms, oil crops imports expanded significantly to $X in 2022. Over the period under review, imports, however, recorded pronounced growth. The most prominent rate of growth was recorded in 2019 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Lithuania (X tons), Ukraine (X tons) and Kazakhstan (X tons) were the main suppliers of oil crops imports to Latvia, with a combined X% share of total imports.

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

In value terms, the largest oil crops suppliers to Latvia were Lithuania ($X), Kazakhstan ($X) and Ukraine ($X), together comprising X% of total imports.

Ukraine, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average oil crops import price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Kazakhstan ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform