Latvia: Roller Bearing Market 2024

Roller Bearing Market Size in Latvia

In 2022, the Latvian roller bearing market increased by 15% to $X, rising for the second consecutive year after four years of decline. In general, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.1% against 2020 indices. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Roller Bearing Production in Latvia

In value terms, roller bearing production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a slight setback. The pace of growth was the most pronounced in 2013 with an increase of 108%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Roller Bearing Exports

Exports from Latvia

In 2022, shipments abroad of roller bearings increased by 22% to X tons, rising for the second year in a row after three years of decline. Overall, exports saw a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 395%. The Latvia exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, roller bearing exports surged to $X in 2022. In general, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 253% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the major exporting country with an export of about X tons, which accounted for 43% of total exports. Singapore (X tons) held a 9.7% share (based on physical terms) of total exports, which put it in second place, followed by Germany (7.2%), France (6.9%), Slovakia (5.4%) and the United States (0.8%). Italy (X tons), South Korea (X tons), Indonesia (X tons), Hong Kong SAR (X tons), Turkey (X tons), Austria (X tons) and Romania (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to roller bearing exports from China stood at +22.6%. At the same time, Indonesia (+35.7%), Turkey (+8.5%), Singapore (+1.2%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. By contrast, Italy (-1.9%), Germany (-2.0%), France (-2.2%), South Korea (-9.7%), Hong Kong SAR (-13.7%), the United States (-18.4%), Austria (-22.3%) and Romania (-22.4%) illustrated a downward trend over the same period. While the share of China (+37 p.p.) and Indonesia (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Italy (-1.5 p.p.), Germany (-2.6 p.p.), France (-2.7 p.p.), Romania (-4.9 p.p.), Hong Kong SAR (-6 p.p.), South Korea (-6.3 p.p.), the United States (-6.4 p.p.) and Austria (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Singapore ($X) and Germany ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 45% of total exports. Italy, the United States, France, Hong Kong SAR, Slovakia, South Korea, Austria, Turkey, Indonesia and Romania lagged somewhat behind, together accounting for a further 31%.

Indonesia, with a CAGR of +16.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latvia stood at $X per ton in 2022, standing approx. at the previous year. In general, the export price showed a deep setback. The most prominent rate of growth was recorded in 2013 when the export price increased by 47%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+16.3%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Latvia

In 2022, supplies from abroad of roller bearings increased by 40% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 52% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, roller bearing imports surged to $X in 2022. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 39% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Thailand (X tons) and Indonesia (X tons) represented the key importers of roller bearingsin the world, together finishing at near 32% of total imports. It was distantly followed by Germany (X tons), constituting a 6.2% share of total imports. India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), France (X tons), Singapore (X tons), Poland (X tons) and Austria (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Germany ($X) and India ($X) were the countries with the highest levels of imports in 2022, with a combined 24% share of total imports.

Indonesia, with a CAGR of +4.2%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latvia stood at $X per ton in 2022, which is down by -7.4% against the previous year. Overall, the import price saw a perceptible decrease. The most prominent rate of growth was recorded in 2020 an increase of 13%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform