Latvia: Wooden Furniture Treatments Market 2024

Wooden Furniture Treatments Market Size in Latvia

The Latvian wooden furniture treatments market plummeted to $X in 2022, reducing by -18.9% against the previous year. Overall, consumption saw a abrupt downturn. The pace of growth was the most pronounced in 2017 when the market value increased by 8.3% against the previous year. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Wooden Furniture Treatments Production in Latvia

In value terms, wooden furniture treatments production fell slightly to $X in 2022 estimated in export price. In general, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16% against the previous year. Wooden furniture treatments production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Wooden Furniture Treatments Exports

Exports from Latvia

In 2022, wooden furniture treatments exports from Latvia contracted sharply to X tons, with a decrease of -38.5% against the previous year. Over the period under review, exports saw a deep reduction. The pace of growth appeared the most rapid in 2020 with an increase of 115%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wooden furniture treatments exports shrank rapidly to $X in 2022. In general, exports saw a abrupt slump. The pace of growth was the most pronounced in 2020 when exports increased by 112% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Moldova (X tons) were the main destinations of wooden furniture treatments exports from Latvia, with a combined 90% share of total exports. South Korea lagged somewhat behind, comprising a further 9.2%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +52.5%), while the other leaders experienced a decline.

In value terms, the largest markets for wooden furniture treatments exported from Latvia were South Korea ($X), Estonia ($X) and Lithuania ($X), with a combined 96% share of total exports.

South Korea, with a CAGR of +37.9%, recorded 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 a decline.

Export Prices by Country

The average wooden furniture treatments export price stood at $X per ton in 2022, leveling off at the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 81%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Moldova ($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 Ukraine (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports into Latvia

In 2022, overseas purchases of polishes and creams for wooden furniture and floors decreased by -38.3% to X tons, falling for the second consecutive year after six years of growth. Overall, imports, however, recorded strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 72% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden furniture treatments imports dropped notably to $X in 2022. In general, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 76%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of wooden furniture treatments to Latvia, accounting for a 47% share of total imports. Moreover, wooden furniture treatments imports from Lithuania exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by the UK (X tons), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania stood at +21.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+9.6% per year) and the UK (+7.7% per year).

In value terms, the largest wooden furniture treatments suppliers to Latvia were Germany ($X), Lithuania ($X) and Italy ($X), together comprising 56% of total imports. The UK, Denmark, Poland and Estonia lagged somewhat behind, together accounting for a further 42%.

Denmark, with a CAGR of +29.5%, 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 wooden furniture treatments import price stood at $X per ton in 2022, growing by 9.6% against the previous year. Overall, the import price, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 an increase of 26%. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform