Latvia: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in Latvia

The Latvian salts of acetic acid market was estimated at $X in 2022, almost unchanged from the previous year. Overall, consumption, however, showed a abrupt curtailment. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Production of Salts Of Acetic Acid in Latvia

In value terms, salts of acetic acid production expanded significantly to $X in 2022 estimated in export price. In general, production, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when the production volume increased by 158%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Exports of Salts Of Acetic Acid

Exports from Latvia

Salts of acetic acid exports from Latvia shrank notably to X kg in 2022, with a decrease of -86.3% compared with 2021. In general, exports, however, saw resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by 27,291%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, salts of acetic acid exports declined rapidly to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 16,398%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X kg) was the main destination for salts of acetic acid exports from Latvia, accounting for a 58% share of total exports. Moreover, salts of acetic acid exports to Lithuania exceeded the volume sent to the second major destination, Russia (X kg), threefold. Ukraine (X kg) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania totaled +48.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+70.5% per year) and Ukraine (-65.4% per year).

In value terms, Ukraine ($X) emerged as the key foreign market for salts of acetic acid exports from Latvia, comprising 51% of total exports. The second position in the ranking was held by Russia ($X), with a 24% share of total exports. It was followed by Germany, with a 19% share.

From 2012 to 2022, the average annual growth rate of value to Ukraine totaled +43.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+69.0% per year) and Germany (+42.7% per year).

Export Prices by Country

In 2022, the average salts of acetic acid export price amounted to $X per ton, surging by 508% against the previous year. Over the period under review, the export price recorded a resilient expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Ukraine ($X per ton), while the average price for exports to Lithuania ($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 Ukraine (+315.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Salts Of Acetic Acid

Imports into Latvia

In 2022, salts of acetic acid imports into Latvia dropped sharply to X tons, which is down by -28.1% compared with the previous year. Overall, imports showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by 310% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, salts of acetic acid imports contracted sharply to $X in 2022. Over the period under review, imports showed a abrupt descent. The pace of growth appeared the most rapid in 2018 when imports increased by 227%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest salts of acetic acid supplier to Latvia, with a 52% share of total imports. Moreover, salts of acetic acid imports from China exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-8.0% per year) and Germany (+21.9% per year).

In value terms, China ($X), Germany ($X) and Lithuania ($X) constituted the largest salts of acetic acid suppliers to Latvia, together accounting for 79% of total imports.

Germany, with a CAGR of +22.2%, saw 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 salts of acetic acid import price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, the import price, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2021 an increase of 22% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform