Latvia: Market for Pulley Tackle And Hoists Powered By An Electric Motor 2024

Market Size for Pulley Tackle And Hoists Powered By An Electric Motor in Latvia

In 2022, after two years of decline, there was significant growth in the Latvian market for pulley tackle and hoists powered by an electric motor, when its value increased by 28% to $X. Overall, consumption, however, showed a abrupt downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Exports of Pulley Tackle And Hoists Powered By An Electric Motor

Exports from Latvia

In 2022, overseas shipments of pulley tackle and hoists powered by an electric motor decreased by -54.9% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 317%. Over the period under review, the exports of hit record highs at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of pulley tackle and hoists powered by an electric motor reduced remarkably to $X in 2022. Over the period under review, exports faced a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by 2,688% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Georgia (X units) was the main destination for exports of pulley tackle and hoists powered by an electric motor from Latvia, accounting for a 70% share of total exports. Moreover, exports of pulley tackle and hoists powered by an electric motor to Georgia exceeded the volume sent to the second major destination, Lithuania (X units), fourfold. The third position in this ranking was taken by Norway (X units), with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Georgia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+16.7% per year) and Norway (0.0% per year).

In value terms, Lithuania ($X) remains the key foreign market for pulley tackle and hoists powered by an electric motor exports from Latvia, comprising 64% of total exports. The second position in the ranking was held by Norway ($X), with a 22% share of total exports. It was followed by Estonia, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (0.0% per year) and Estonia (-9.9% per year).

Export Prices by Country

In 2022, the average export price for pulley tackle and hoists powered by an electric motor amounted to $X per unit, waning by -68.9% against the previous year. Over the period under review, the export price showed a perceptible decline. The most prominent rate of growth was recorded in 2016 an increase of 569%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per unit), while the average price for exports to Georgia ($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 Estonia (+10.9%), while the prices for the other major destinations experienced a decline.

Imports of Pulley Tackle And Hoists Powered By An Electric Motor

Imports into Latvia

In 2022, approx. X units of pulley tackle and hoists powered by an electric motor were imported into Latvia; increasing by 15% compared with the year before. Over the period under review, imports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 105% against the previous year. Over the period under review, imports of hit record highs at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, imports of pulley tackle and hoists powered by an electric motor reduced to $X in 2022. Overall, imports, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 174%. Over the period under review, imports of attained the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Estonia (X units), Germany (X units) and Italy (X units) were the main suppliers of imports of pulley tackle and hoists powered by an electric motor to Latvia, together accounting for 62% of total imports. Lithuania, Finland, the Netherlands, Switzerland and Poland lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Finland (with a CAGR of +62.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pulley tackle and hoists powered by an electric motor suppliers to Latvia were Italy ($X), Germany ($X) and Estonia ($X), with a combined 67% share of total imports. Lithuania, Finland, the Netherlands, Switzerland and Poland lagged somewhat behind, together comprising a further 22%.

Finland, with a CAGR of +150.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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 import price for pulley tackle and hoists powered by an electric motor amounted to $X per unit, shrinking by -18.5% against the previous year. In general, the import price, however, saw a tangible expansion. The pace of growth appeared the most rapid in 2017 an increase of 111%. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 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 ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+53.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform