Latvia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Latvia

The Latvian potassium sulphate (SOP) market skyrocketed to $X in 2022, rising by 164% against the previous year. In general, consumption saw resilient growth. Potassium sulphate (SOP) consumption peaked in 2022 and is expected to retain growth in the near future.

Potassium Sulphate (Sop) Production in Latvia

In value terms, potassium sulphate (SOP) production stood at $X in 2022 estimated in export price. In general, production continues to indicate a mild descent. The pace of growth was the most pronounced in 2020 with an increase of 1.4%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports from Latvia

In 2022, potassium sulphate (sop) exports from Latvia fell notably to X tons, with a decrease of -21.4% on the previous year's figure. In general, exports, however, saw a mild expansion. The growth pace was the most rapid in 2021 with an increase of 52% against the previous year. As a result, the exports reached the peak of X tons, and then reduced rapidly in the following year.

In value terms, potassium sulphate (SOP) exports contracted to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 86% against the previous year. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

Lithuania (X tons) was the main destination for potassium sulphate (SOP) exports from Latvia, accounting for a 43% share of total exports. Moreover, potassium sulphate (SOP) exports to Lithuania exceeded the volume sent to the second major destination, Poland (X tons), twofold. France (X tons) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+10.0% per year) and France (0.0% per year).

In value terms, Lithuania ($X) emerged as the key foreign market for potassium sulphate (SOP) exports from Latvia, comprising 36% of total exports. The second position in the ranking was taken by Poland ($X), with a 17% share of total exports. It was followed by Finland, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Lithuania amounted to +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+6.4% per year) and Finland (+317.6% per year).

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, with an increase of 9.5% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to the Netherlands ($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 Finland (+101.2%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in purchases abroad of potassium sulphate (SOP), which increased by 21% to X tons in 2022. Over the period under review, imports posted prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 140% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, potassium sulphate (SOP) imports skyrocketed to $X in 2022. Overall, imports showed buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 328% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Lithuania (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of potassium sulphate (SOP) imports to Latvia, with a combined 86% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +58.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) suppliers to Latvia were Lithuania ($X), Poland ($X) and Germany ($X), with a combined 86% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of +60.9%, recorded 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

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, with an increase of 61% against the previous year. In general, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) import price increased by +78.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 78% 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 Croatia ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+20.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform