Latvia: Sails Market 2024

Sails Market Size in Latvia

The Latvian sails market expanded rapidly to $X in 2022, growing by 6% against the previous year. Over the period under review, consumption, however, continues to indicate a slight downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Sails Production in Latvia

In value terms, sails production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a slight shrinkage. The pace of growth was the most pronounced in 2013 when the production volume increased by 71%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Sails Exports

Exports from Latvia

In 2022, exports of sails from Latvia fell dramatically to X kg, dropping by -61.6% compared with 2021. Over the period under review, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 600% against the previous year. The exports peaked at X kg in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, sails exports declined sharply to $X in 2022. In general, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,022% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X kg) was the main destination for sails exports from Latvia, with a 59% share of total exports. Moreover, sails exports to Germany exceeded the volume sent to the second major destination, Lithuania (X kg), twofold. The third position in this ranking was taken by the United Arab Emirates (X kg), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-0.5% per year) and the United Arab Emirates (0.0% per year).

In value terms, Lithuania ($X), Germany ($X) and Malta ($X) constituted the largest markets for sails exported from Latvia worldwide, with a combined 95% share of total exports. These countries were followed by the United Arab Emirates, which accounted for a further 5.1%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of 0.0%, saw the highest rates of growth with regard to 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 sails export price stood at $X per ton in 2022, picking up by 79% against the previous year. In general, the export price showed a relatively flat trend pattern. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Malta ($X per ton), while the average price for exports to Germany ($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 Montenegro (+6.0%), while the prices for the other major destinations experienced mixed trend patterns.

Sails Imports

Imports into Latvia

In 2022, the amount of sails imported into Latvia contracted modestly to X kg, which is down by -4.4% compared with the previous year's figure. In general, imports, however, saw a strong increase. The growth pace was the most rapid in 2019 with an increase of 88% against the previous year. Imports peaked at X kg in 2021, and then declined slightly in the following year.

In value terms, sails imports contracted significantly to $X in 2022. Overall, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2013 with an increase of 182%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Denmark (X kg) constituted the largest supplier of sails to Latvia, accounting for a 61% share of total imports. Moreover, sails imports from Denmark exceeded the figures recorded by the second-largest supplier, China (X kg), fivefold. Germany (X kg) ranked third in terms of total imports with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Denmark amounted to +50.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.0% per year) and Germany (+33.5% per year).

In value terms, Denmark ($X) constituted the largest supplier of sails to Latvia, comprising 74% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 8.8% share of total imports. It was followed by Germany, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Denmark stood at +43.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+11.6% per year) and Germany (+36.7% per year).

Import Prices by Country

The average sails import price stood at $X per ton in 2022, which is down by -12.6% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 53% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for China ($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 Netherlands (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform