Latvia: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in Latvia

The Latvian polishes for coachwork market dropped significantly to $X in 2022, which is down by -25.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a slight decrease. Polishes for coachwork consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Polishes For Coachwork Exports

Exports from Latvia

In 2022, shipments abroad of polishes for coachwork increased by 2.7% to X tons, rising for the fourth year in a row after six years of decline. Over the period under review, exports, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2019 with an increase of 20% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, polishes for coachwork exports reduced slightly to $X in 2022. Overall, exports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 46%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X tons) was the main destination for polishes for coachwork exports from Latvia, with a 50% share of total exports. Moreover, polishes for coachwork exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), threefold. The third position in this ranking was taken by Poland (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania stood at +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-5.2% per year) and Poland (+59.5% per year).

In value terms, the largest markets for polishes for coachwork exported from Latvia were Poland ($X), Lithuania ($X) and Estonia ($X), together comprising 68% of total exports.

Poland, with a CAGR of +66.9%, recorded the highest growth rate of the value of exports, among the main countries of destination 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 polishes for coachwork export price amounted to $X per ton, reducing by -6.5% against the previous year. Over the period under review, the export price saw a deep setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 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 Poland ($X per ton), while the average price for exports to Lithuania ($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 Poland (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports into Latvia

In 2022, the amount of polishes for coachwork imported into Latvia shrank remarkably to X tons, declining by -24.3% on the previous year's figure. Overall, imports recorded a perceptible setback. The pace of growth was the most pronounced in 2016 with an increase of 44% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, polishes for coachwork imports reduced rapidly to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 59%. As a result, imports attained the peak of $X, and then dropped dramatically in the following year.

Imports by Country

Lithuania (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of polishes for coachwork imports to Latvia, together comprising 87% of total imports. The Netherlands, the Czech Republic, the UK, Estonia and Belgium lagged somewhat behind, together comprising a further 9.6%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +38.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest polishes for coachwork suppliers to Latvia were Poland ($X), Lithuania ($X) and Germany ($X), together accounting for 85% of total imports. Estonia, the Netherlands, the UK, the Czech Republic and Belgium lagged somewhat behind, together comprising a further 8.6%.

Among the main suppliers, the Czech Republic, with a CAGR of +43.6%, saw the highest growth rate of 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 polishes for coachwork import price amounted to $X per ton, surging by 7.8% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polishes for coachwork import price increased by +90.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 54%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+18.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform