Latvia: Scrapers Excavator Market 2024

Scrapers Excavator Market Size in Latvia

The Latvian scrapers excavator market shrank remarkably to $X in 2022, declining by -34.5% 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). Overall, consumption, however, recorded pronounced growth. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Scrapers Excavator Exports

Exports from Latvia

In 2022, the amount of scrapers earth moving, excavating, extracting machinery (not self-propelled) exported from Latvia contracted dramatically to X units, dropping by -42% against 2021 figures. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 525%. As a result, the exports reached the peak of X units, and then fell notably in the following year.

In value terms, scrapers excavator exports shrank remarkably to $X in 2022. Overall, exports, however, enjoyed notable growth. The most prominent rate of growth was recorded in 2021 with an increase of 286%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for scrapers excavator exports from Latvia, accounting for a 62% share of total exports. Moreover, scrapers excavator exports to Germany exceeded the volume sent to the second major destination, Poland (X units), threefold. Estonia (X units) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to +162.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-4.0% per year) and Estonia (0.0% per year).

In value terms, Germany ($X) emerged as the key foreign market for scrapers earth moving, excavating, extracting machinery (not self-propelled) exports from Latvia, comprising 73% of total exports. The second position in the ranking was held by Estonia ($X), with a 13% share of total exports. It was followed by Poland, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany totaled +59.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+1.4% per year) and Poland (-8.9% per year).

Export Prices by Country

In 2022, the average scrapers excavator export price amounted to $X per unit, waning by -40.1% against the previous year. Overall, the export price, however, posted noticeable growth. The pace of growth was the most pronounced in 2014 an increase of 197% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per unit), while the average price for exports to Finland ($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 the Netherlands (+30.7%), while the prices for the other major destinations experienced more modest paces of growth.

Scrapers Excavator Imports

Imports into Latvia

In 2022, imports of scrapers earth moving, excavating, extracting machinery (not self-propelled) into Latvia declined markedly to X units, reducing by -43.2% against the previous year's figure. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 595% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, scrapers excavator imports dropped remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 408% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Estonia (X units), Norway (X units) and Finland (X units) were the main suppliers of scrapers excavator imports to Latvia, with a combined 64% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Norway (with a CAGR of +162.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest scrapers excavator suppliers to Latvia were Estonia ($X), Finland ($X) and Germany ($X), with a combined 64% share of total imports. Ukraine, Lithuania, Canada, Italy, Poland, Denmark, Norway and China lagged somewhat behind, together comprising a further 29%.

Norway, with a CAGR of +78.7%, recorded the highest growth rate of the value of imports, in terms of 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 scrapers excavator import price stood at $X per unit in 2022, picking up by 48% against the previous year. Over the period under review, the import price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2020 an increase of 65%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Ukraine ($X per unit), while the price for Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform