Latvia: Hand Stamp Market 2024

Hand Stamp Market Size in Latvia

The Latvian hand stamp market shrank to $X in 2022, which is down by -6.6% against the previous year. Over the period under review, consumption recorded a abrupt slump. Hand stamp consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Hand Stamp Production in Latvia

In value terms, hand stamp production declined modestly to $X in 2022 estimated in export price. Overall, production showed a deep contraction. The pace of growth was the most pronounced in 2018 with an increase of 38% against the previous year. Hand stamp production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Hand Stamp Exports

Exports from Latvia

In 2022, hand stamp exports from Latvia fell dramatically to X units, waning by -46.7% compared with 2021. In general, exports, however, posted a slight increase. The most prominent rate of growth was recorded in 2018 with an increase of 160%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, hand stamp exports shrank sharply to $X in 2022. Overall, total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +1.6% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 67% against the previous year. The exports peaked at $X in 2021, and then reduced rapidly in the following year.

Exports by Country

Lithuania (X units) was the main destination for hand stamp exports from Latvia, with a 62% share of total exports. Moreover, hand stamp exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X units), threefold.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to -2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+17.9% per year) and Spain (+105.9% per year).

In value terms, Lithuania ($X) remains the key foreign market for stamps for use in the hand exports from Latvia, comprising 65% of total exports. The second position in the ranking was taken by Estonia ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania stood at -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+14.7% per year) and Spain (+92.6% per year).

Export Prices by Country

The average hand stamp export price stood at $X per unit in 2022, rising by 24% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 34% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per unit), while the average price for exports to Spain ($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 Russia (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Hand Stamp Imports

Imports into Latvia

Hand stamp imports into Latvia contracted remarkably to X units in 2022, which is down by -30.3% on the year before. Overall, imports continue to indicate a mild decline. The pace of growth was the most pronounced in 2021 with an increase of 80%. Over the period under review, imports attained the peak figure at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, hand stamp imports fell significantly to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 68% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X units), Austria (X units) and Germany (X units) were the main suppliers of hand stamp imports to Latvia, together accounting for 51% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +33.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X), Italy ($X) and Germany ($X) constituted the largest hand stamp suppliers to Latvia, together accounting for 53% of total imports.

Germany, with a CAGR of +41.8%, recorded the highest rates of growth with regard to 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

In 2022, the average hand stamp import price amounted to $X per unit, growing by 17% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2019 when the average import price increased by 25%. The import price peaked at $X per unit in 2014; however, from 2015 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 Italy ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform