Latvia: Market for Other Synthetic Organic Colouring Matters 2024

Market Size for Other Synthetic Organic Colouring Matters in Latvia

In 2022, after two years of growth, there was significant decline in the Latvian synthetic organic colouring matters market, when its value decreased by -41.8% to $X. Overall, consumption recorded a pronounced contraction. Over the period under review, the market reached the peak level at $X in 2021, and then declined sharply in the following year.

Exports of Other Synthetic Organic Colouring Matters

Exports from Latvia

Synthetic organic colouring matters exports from Latvia shrank modestly to X tons in 2022, flattening at the year before. Overall, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 197% against the previous year. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, synthetic organic colouring matters exports contracted dramatically to $X in 2022. Over the period under review, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 181% against the previous year. The exports peaked at $X in 2021, and then plummeted in the following year.

Exports by Country

Lithuania (X tons) was the main destination for synthetic organic colouring matters exports from Latvia, accounting for a 80% share of total exports. Moreover, synthetic organic colouring matters exports to Lithuania exceeded the volume sent to the second major destination, Poland (X tons), more than tenfold. The third position in this ranking was taken by Estonia (X tons), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to +35.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+96.7% per year) and Estonia (-7.2% per year).

In value terms, Lithuania ($X) remains the key foreign market for other synthetic organic colouring matters exports from Latvia, comprising 69% of total exports. The second position in the ranking was held by Poland ($X), with a 9.9% share of total exports. It was followed by Estonia, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania stood at +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+73.3% per year) and Estonia (-3.5% per year).

Export Prices by Country

The average synthetic organic colouring matters export price stood at $X per ton in 2022, declining by -26.5% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 38% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Lithuania ($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 (+4.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Other Synthetic Organic Colouring Matters

Imports into Latvia

In 2022, the amount of other synthetic organic colouring matters imported into Latvia dropped rapidly to X tons, falling by -37.2% on the year before. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 38%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic organic colouring matters imports fell dramatically to $X in 2022. Overall, imports, however, showed a modest increase. The pace of growth was the most pronounced in 2018 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined markedly in the following year.

Imports by Country

Finland (X tons), Lithuania (X tons) and Slovakia (X tons) were the main suppliers of synthetic organic colouring matters imports to Latvia, with a combined 62% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +69.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Finland ($X), Lithuania ($X) and the Netherlands ($X) appeared to be the largest synthetic organic colouring matters suppliers to Latvia, together comprising 52% of total imports. Slovakia, Germany, Estonia, Belgium, Poland, Romania, Sweden, the UK, China and the Czech Republic lagged somewhat behind, together accounting for a further 37%.

Among the main suppliers, Slovakia, with a CAGR of +73.9%, saw the highest rates of growth with regard to the value of imports, 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 synthetic organic colouring matters import price amounted to $X per ton, with an increase of 12% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform