Latvia: Sawnwood (Coniferous) Market 2024

Sawnwood (Coniferous) Market Size in Latvia

In 2022, after four years of growth, there was significant decline in the Latvian sawnwood (coniferous) market, when its value decreased by -18.6% to $X. In general, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2021, and then plummeted in the following year.

Sawnwood (Coniferous) Production in Latvia

In value terms, sawnwood (coniferous) production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 52%. Over the period under review, production attained the maximum level at $X in 2021, and then reduced in the following year.

Sawnwood (Coniferous) Exports

Exports from Latvia

In 2022, shipments abroad of sawnwood (coniferous) increased by 1,380% to X cubic meters, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sawnwood (coniferous) exports surged to $X in 2022. In general, exports continue to indicate a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The UK (X cubic meters) was the main destination for sawnwood (coniferous) exports from Latvia, accounting for a 40% share of total exports. Moreover, sawnwood (coniferous) exports to the UK exceeded the volume sent to the second major destination, Estonia (X cubic meters), fivefold. The United States (X cubic meters) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +28.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+28.2% per year) and the United States (+101.1% per year).

In value terms, the UK ($X) remains the key foreign market for sawnwood (coniferous) exports from Latvia, comprising 43% of total exports. The second position in the ranking was held by the United States ($X), with a 9.1% share of total exports. It was followed by Estonia, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value to the UK totaled +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+89.5% per year) and Estonia (+28.4% per year).

Export Prices by Country

The average sawnwood (coniferous) export price stood at $X per cubic meter in 2022, almost unchanged from the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sawnwood (coniferous) export price increased by +26.1% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 38% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2019 to 2022, the average export prices failed to regain momentum.

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 the United States ($X per cubic meter), while the average price for exports to Egypt ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sawnwood (Coniferous) Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in purchases abroad of sawnwood (coniferous), which increased by 46% to X cubic meters in 2022. Overall, imports showed a significant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 76% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, sawnwood (coniferous) imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a significant increase. The growth pace was the most rapid in 2013 with an increase of 96% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Belarus (X cubic meters), Estonia (X cubic meters) and Russia (X cubic meters) were the main suppliers of sawnwood (coniferous) imports to Latvia, together accounting for 67% of total imports. Finland, Sweden, Lithuania and Ukraine lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +84.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sawnwood (coniferous) suppliers to Latvia were Belarus ($X), Estonia ($X) and Finland ($X), with a combined 64% share of total imports. Russia, Sweden, Lithuania and Ukraine lagged somewhat behind, together comprising a further 33%.

In terms of the main suppliers, Ukraine, with a CAGR of +99.3%, recorded the highest growth rate of the value of imports, 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 sawnwood (coniferous) import price amounted to $X per cubic meter, surging by 4.9% against the previous year. Overall, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sawnwood (coniferous) import price increased by +44.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 38%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform