Latvia: Smoked Herring Market 2024

Smoked Herring Market Size in Latvia

The Latvian smoked herring market was estimated at $X in 2022, approximately reflecting the previous year. Over the period under review, consumption, however, continues to indicate a perceptible curtailment. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Smoked Herring Production in Latvia

In value terms, smoked herring production fell sharply to $X in 2022 estimated in export price. Overall, production recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 242%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Smoked Herring Exports

Exports from Latvia

In 2022, shipments abroad of smoked herrings decreased by -6% to X tons, falling for the fourth consecutive year after three years of growth. Overall, exports, however, enjoyed noticeable growth. The growth pace was the most rapid in 2016 with an increase of 2,036% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, smoked herring exports expanded sharply to $X in 2022. Over the period under review, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 1,755% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for smoked herring exports from Latvia, accounting for a 92% share of total exports. Moreover, smoked herring exports to Australia exceeded the volume sent to the second major destination, Estonia (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia stood at +31.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-17.9% per year) and Lithuania (+16.3% per year).

In value terms, Australia ($X) remains the key foreign market for smoked herrings exports from Latvia, comprising 89% of total exports. The second position in the ranking was held by Estonia ($X), with a 7.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia stood at +51.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-5.5% per year) and Lithuania (+21.3% per year).

Export Prices by Country

The average smoked herring export price stood at $X per ton in 2022, picking up by 12% against the previous year. In general, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, smoked herring export price increased by +57.2% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by 59% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Lithuania ($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 Estonia (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Smoked Herring Imports

Imports into Latvia

In 2022, supplies from abroad of smoked herrings increased by 236% to X tons, rising for the second year in a row after five years of decline. Overall, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 908%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, smoked herring imports surged to $X in 2022. In general, imports showed a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 337%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Lithuania (X tons) was the main supplier of smoked herring to Latvia, accounting for a 98% share of total imports. It was followed by Germany (X kg), with a 1.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania stood at +21.7%.

In value terms, Lithuania ($X) constituted the largest supplier of smoked herrings to Latvia, comprising 95% of total imports. The second position in the ranking was held by Germany ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Lithuania amounted to +26.2%.

Import Prices by Country

The average smoked herring import price stood at $X per ton in 2022, which is down by -23.2% against the previous year. Overall, the import price, however, recorded notable growth. The pace of growth appeared the most rapid in 2014 an increase of 94%. Over the period under review, average import prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Lithuania stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform