Latvia: Relay Market 2024

Relay Market Size in Latvia

The Latvian relay market dropped rapidly to $X in 2022, falling by -31.3% 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, however, posted a strong increase. As a result, consumption attained the peak level of $X, and then dropped significantly in the following year.

Relay Exports

Exports from Latvia

After five years of growth, overseas shipments of relays decreased by -20.7% to X units in 2022. Overall, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 36% against the previous year. The exports peaked at X units in 2021, and then dropped significantly in the following year.

In value terms, relay exports fell remarkably to $X in 2022. In general, exports, however, saw a notable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 58%. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined significantly in the following year.

Exports by Country

Estonia (X units) was the main destination for relay exports from Latvia, with a 59% share of total exports. Moreover, relay exports to Estonia exceeded the volume sent to the second major destination, Lithuania (X units), fourfold. France (X units) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume to Estonia amounted to +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+6.1% per year) and France (+38.7% per year).

In value terms, Estonia ($X), Lithuania ($X) and France ($X) appeared to be the largest markets for relay exported from Latvia worldwide, together accounting for 73% of total exports. The Netherlands, Russia, Denmark and Uzbekistan lagged somewhat behind, together accounting for a further 15%.

Among the main countries of destination, the Netherlands, with a CAGR of +164.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average relay export price stood at $X per unit in 2022, which is down by -31.3% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the average export price increased by 45% against the previous year. The export price peaked at $X per unit in 2021, and then dropped sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to Estonia ($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 France (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Relay Imports

Imports into Latvia

In 2022, imports of relays into Latvia reduced sharply to X units, with a decrease of -31.3% against the previous year's figure. Over the period under review, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 47%. As a result, imports attained the peak of X units, and then shrank notably in the following year.

In value terms, relay imports shrank dramatically to $X in 2022. Overall, imports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 40%. As a result, imports reached the peak of $X, and then shrank sharply in the following year.

Imports by Country

Lithuania (X units), Denmark (X units) and Hungary (X units) were the main suppliers of relay imports to Latvia, with a combined 70% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +108.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest relay suppliers to Latvia were Lithuania ($X), Denmark ($X) and Germany ($X), with a combined 67% share of total imports. Hungary, France, Sweden, Poland and Finland lagged somewhat behind, together comprising a further 23%.

Hungary, with a CAGR of +98.9%, 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

The average relay import price stood at $X per unit in 2022, growing by 4.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2017 an increase of 21%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform