Latvia: Non-Electric Pulley Tackle Market 2024

Non-Electric Pulley Tackle Market Size in Latvia

The Latvian non-electric pulley tackle market rose sharply to $X in 2022, picking up by 9% 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). In general, consumption enjoyed a notable increase. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Non-Electric Pulley Tackle Exports

Exports from Latvia

In 2022, shipments abroad of pulley tackle and hoists, non-powered by electric motor increased by 26% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports, however, showed a perceptible decrease. The pace of growth appeared the most rapid in 2016 with an increase of 101% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-electric pulley tackle exports soared to $X in 2022. Overall, exports enjoyed a slight increase. The most prominent rate of growth was recorded in 2014 with an increase of 163% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Estonia (X units), Lithuania (X units) and Germany (X units) were the main destinations of non-electric pulley tackle exports from Latvia, with a combined 76% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +102.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) emerged as the key foreign market for pulley tackle and hoists, non-powered by electric motor exports from Latvia, comprising 42% of total exports. The second position in the ranking was taken by Estonia ($X), with a 19% share of total exports. It was followed by Lithuania, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia amounted to +51.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+13.4% per year) and Lithuania (-15.2% per year).

Export Prices by Country

In 2022, the average non-electric pulley tackle export price amounted to $X per unit, picking up by 2.9% against the previous year. In general, the export price enjoyed prominent growth. The pace of growth appeared the most rapid in 2020 an increase of 133%. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Estonia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+43.3%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Pulley Tackle Imports

Imports into Latvia

In 2022, purchases abroad of pulley tackle and hoists, non-powered by electric motor increased by 12% to X units, rising for the second year in a row after four years of decline. In general, imports posted notable growth. The pace of growth appeared the most rapid in 2021 with an increase of 120%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, non-electric pulley tackle imports rose significantly to $X in 2022. Over the period under review, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +106.2% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 44%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest non-electric pulley tackle supplier to Latvia, with a 43% share of total imports. Moreover, non-electric pulley tackle imports from China exceeded the figures recorded by the second-largest supplier, Poland (X units), threefold. Lithuania (X units) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+13.3% per year) and Lithuania (+1.8% per year).

In value terms, the largest non-electric pulley tackle suppliers to Latvia were China ($X), Lithuania ($X) and the Netherlands ($X), together accounting for 56% of total imports. Germany, Poland, Finland, Australia, Sweden and Estonia lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, Germany, with a CAGR of +17.2%, 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 non-electric pulley tackle import price amounted to $X per unit, waning by -3.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 50%. Over the period under review, average import prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform