Latvia: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in Latvia

The Latvian plastic ornamental articles market soared to $X in 2022, jumping by 19% 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 saw a prominent expansion. Plastic ornamental articles consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Plastic Ornamental Articles Exports

Exports from Latvia

Plastic ornamental articles exports from Latvia contracted notably to X tons in 2022, waning by -53% compared with 2021. Overall, exports recorded a mild decline. The growth pace was the most rapid in 2020 when exports increased by 50% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic ornamental articles exports shrank dramatically to $X in 2022. Over the period under review, exports saw a perceptible reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 62%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Russia (X tons) were the main destinations of plastic ornamental articles exports from Latvia, together accounting for 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +6.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Lithuania ($X), Estonia ($X) and Russia ($X) constituted the largest markets for plastic ornamental articles exported from Latvia worldwide, together comprising 99% of total exports.

Estonia, with a CAGR of +2.0%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average plastic ornamental articles export price stood at $X per ton in 2022, reducing by -18.4% against the previous year. In general, the export price recorded a slight decline. The pace of growth appeared the most rapid in 2018 an increase of 21%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then reduced sharply in the following year.

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 Russia ($X per ton), while the average price for exports to Lithuania ($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 Russia (+9.9%), while the prices for the other major destinations experienced a decline.

Plastic Ornamental Articles Imports

Imports into Latvia

In 2022, overseas purchases of statuettes and other ornamental articles of plastic decreased by -13.7% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, enjoyed a noticeable expansion. The growth pace was the most rapid in 2020 with an increase of 32%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, plastic ornamental articles imports shrank to $X in 2022. Over the period under review, imports, however, showed a strong increase. The pace of growth was the most pronounced in 2017 when imports increased by 42%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced in the following year.

Imports by Country

China (X tons), Poland (X tons) and Lithuania (X tons) were the main suppliers of plastic ornamental articles imports to Latvia, together accounting for 84% of total imports. Russia, Germany, the Netherlands, Estonia and Finland lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +63.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Poland ($X) and Lithuania ($X) appeared to be the largest plastic ornamental articles suppliers to Latvia, together accounting for 68% of total imports. Russia, the Netherlands, Germany, Finland and Estonia lagged somewhat behind, together comprising a further 22%.

Russia, with a CAGR of +68.3%, saw 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 plastic ornamental articles import price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, import price indicated a modest expansion 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, plastic ornamental articles import price increased by +78.4% against 2016 indices. The pace of growth appeared the most rapid in 2021 an increase of 47% against the previous year. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform