Latvia: Market for Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles 2024

Market Size for Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles in Latvia

The Latvian knitted shawl and scarf market declined sharply to $X in 2022, reducing by -35.8% against the previous year. Overall, consumption saw a pronounced decline. Knitted shawl and scarf consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles in Latvia

In value terms, knitted shawl and scarf production fell sharply to $X in 2022 estimated in export price. In general, production recorded a dramatic curtailment. The most prominent rate of growth was recorded in 2021 when the production volume increased by 69%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles

Exports from Latvia

In 2022, shipments abroad of shawls, scarves and the like of knitted or crocheted textiles increased by 36% to X units, rising for the fourth consecutive year after two years of decline. Over the period under review, exports enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2019 with an increase of 93% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, knitted shawl and scarf exports shrank sharply to $X in 2022. Overall, exports enjoyed measured growth. The pace of growth appeared the most rapid in 2019 when exports increased by 160%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

Russia (X units) was the main destination for knitted shawl and scarf exports from Latvia, accounting for a 65% share of total exports. Moreover, knitted shawl and scarf exports to Russia exceeded the volume sent to the second major destination, Finland (X units), sixfold. Estonia (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at +18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+39.5% per year) and Estonia (-11.5% per year).

In value terms, Russia ($X) remains the key foreign market for shawls, scarves and the like of knitted or crocheted textiles exports from Latvia, comprising 66% of total exports. The second position in the ranking was taken by Finland ($X), with an 11% share of total exports. It was followed by Estonia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to +20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+40.6% per year) and Estonia (-10.1% per year).

Export Prices by Country

In 2022, the average knitted shawl and scarf export price amounted to $X per unit, with a decrease of -57.3% against the previous year. Over the period under review, the export price, however, showed modest growth. The growth pace was the most rapid in 2018 an increase of 43% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per unit) and Denmark ($X per unit), while the average price for exports to Lithuania ($X per unit) and Estonia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles

Imports into Latvia

In 2022, after five years of growth, there was significant decline in purchases abroad of shawls, scarves and the like of knitted or crocheted textiles, when their volume decreased by -13.5% to X units. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 32% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, knitted shawl and scarf imports dropped dramatically to $X in 2022. In general, imports recorded a noticeable setback. The growth pace was the most rapid in 2013 when imports increased by 19%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Poland (X units), Italy (X units) and Germany (X units) were the main suppliers of knitted shawl and scarf imports to Latvia, with a combined 58% share of total imports. Lithuania, the Netherlands, Estonia, Finland, South Korea, China and Spain lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +544.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Italy ($X) and Germany ($X) constituted the largest knitted shawl and scarf suppliers to Latvia, together accounting for 58% of total imports. Lithuania, the Netherlands, Estonia, Finland, South Korea, China and Spain lagged somewhat behind, together comprising a further 37%.

In terms of the main suppliers, South Korea, with a CAGR of +499.4%, recorded the highest rates of growth with regard to 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

The average knitted shawl and scarf import price stood at $X per unit in 2022, shrinking by -15.8% against the previous year. Over the period under review, the import price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 2.4% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per unit) and Poland ($X per unit), while the price for Italy ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform