Latvia: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Latvia

In 2022, the Latvian percussion musical instrument market increased by 53% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a prominent increase. Percussion musical instrument consumption peaked in 2022 and is expected to retain growth in the near future.

Percussion Musical Instrument Exports

Exports from Latvia

In 2022, exports of percussion musical instruments from Latvia skyrocketed to X units, growing by 47% on 2021. In general, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2015 with an increase of 240%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, percussion musical instrument exports surged to $X in 2022. Overall, exports enjoyed strong growth. The pace of growth was the most pronounced in 2015 when exports increased by 215% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Estonia (X units) was the main destination for percussion musical instrument exports from Latvia, with a 35% share of total exports. Moreover, percussion musical instrument exports to Estonia exceeded the volume sent to the second major destination, Azerbaijan (X units), twofold. The third position in this ranking was taken by Armenia (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Estonia amounted to +25.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+5.1% per year) and Armenia (+112.8% per year).

In value terms, Estonia ($X) remains the key foreign market for percussion musical instruments exports from Latvia, comprising 35% of total exports. The second position in the ranking was taken by Azerbaijan ($X), with a 15% share of total exports. It was followed by Armenia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Estonia totaled +30.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+10.5% per year) and Armenia (+115.4% per year).

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2022, with an increase of 68% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Armenia ($X per unit) and Estonia ($X per unit), while the average price for exports to Georgia ($X per unit) and Lithuania ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+20.6%), while the prices for the other major destinations experienced more modest paces of growth.

Percussion Musical Instrument Imports

Imports into Latvia

For the third consecutive year, Latvia recorded growth in purchases abroad of percussion musical instruments, which increased by 62% to X units in 2022. Overall, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 70%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, percussion musical instrument imports surged to $X in 2022. In general, imports saw resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X units) constituted the largest percussion musical instrument supplier to Latvia, with a 54% share of total imports. Moreover, percussion musical instrument imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The United States (X units) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+74.5% per year) and the United States (+4.5% per year).

In value terms, Germany ($X) constituted the largest supplier of percussion musical instruments to Latvia, comprising 55% of total imports. The second position in the ranking was taken by China ($X), with a 25% share of total imports. It was followed by Estonia, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+61.3% per year) and Estonia (+25.6% per year).

Import Prices by Country

The average percussion musical instrument import price stood at $X per unit in 2022, dropping by -9.4% against the previous year. Overall, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2019 when the average import price increased by 13% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Estonia ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (-6.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform