Latvia: Steel Spring Market 2020

Steel Spring Market Size in Latvia

The revenue of the steel spring market in Latvia amounted to $X in 2018, increasing by X% 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). In general, steel spring consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 when the market value increased by X% year-to-year. Latvia steel spring consumption peaked at $X in 2013; however, from 2014 to 2018, consumption remained at a lower figure.

Steel Spring Exports

Exports from Latvia

In 2018, approx. X tons of steel springs and leaves for springs were exported from Latvia; jumping by X% against the previous year. In general, steel spring exports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. Latvia exports peaked in 2018 and are expected to retain its growth in the near future.

In value terms, steel spring exports stood at $X in 2018. Over the period under review, steel spring exports continue to indicate a skyrocketing expansion. The growth pace was the most rapid in 2011 with an increase of X% against the previous year. Latvia exports peaked in 2018 and are expected to retain its growth in the near future.

Exports by Country

In 2018, Mexico (X tons), Germany (X tons), China (X tons) and the U.S. (X tons) were the key exporters of steel springs and leaves for springs in the world, generating X% of total export. Turkey (X tons), the Czech Republic (X tons), Canada (X tons), Spain (X tons), Poland (X tons), Italy (X tons), France (X tons) and Japan (X tons) followed a long way behind the leaders.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Latvia, while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest steel spring supplier from Latvia, comprising X% of global exports. The second position in the ranking was occupied by the U.S. ($X), with a X% share of global exports. It was followed by Mexico, with a X% share.

From 2007 to 2018, the average annual growth rate of value in Germany amounted to +X%. The remaining exporting countries recorded the following average annual rates of exports growth: the U.S. (+X% per year) and Mexico (+X% per year).

Export Prices by Country

The steel spring export price in Latvia stood at $X per ton in 2018, dropping by -X% against the previous year. Overall, the steel spring export price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2010 when the export price increased by X% against the previous year. Latvia export price peaked at $X per ton in 2013; however, from 2014 to 2018, export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was Japan ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Mexico, while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports into Latvia

In 2018, approx. X tons of steel springs and leaves for springs were imported into Latvia; increasing by X% against the previous year. Over the period under review, the total imports indicated significant growth from 2007 to 2018: its volume increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, steel spring imports increased by +X% against 2014 indices. The pace of growth appeared the most rapid in 2011 when imports increased by X% year-to-year. Latvia imports peaked in 2018 and are likely to continue its growth in the immediate term.

In value terms, steel spring imports totaled $X in 2018. In general, steel spring imports continue to indicate remarkable growth. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Over the period under review, steel spring imports reached their maximum in 2018 and are likely to continue its growth in the near future.

Imports by Country

In 2018, the U.S. (X tons), distantly followed by Germany (X tons), Mexico (X tons), China (X tons) and the UK (X tons) represented the largest importers of steel springs and leaves for springs, together committing X% of total imports. Canada (X tons), Poland (X tons), France (X tons), Russia (X tons), the Czech Republic (X tons), the Netherlands (X tons) and Belgium (X tons) took a little share of total imports.

Imports into the U.S. decreased at an average annual rate of -X% from 2007 to 2018. At the same time, China (+X%), Russia (+X%), the Czech Republic (+X%), Poland (+X%), the UK (+X%) and the Netherlands (+X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. Mexico and Belgium experienced a relatively flat trend pattern. By contrast, Germany (-X%), France (-X%) and Canada (-X%) illustrated a downward trend over the same period. From 2007 to 2018, the share of China and the UK increased by +X% and +X% percentage points, while Canada (-X p.p.) and the U.S. (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest steel spring importing markets into Latvia were the U.S. ($X), China ($X) and Germany ($X), with a combined X% share of total imports.

China experienced the highest rates of growth with regard to imports, among the main importing countries over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The steel spring import price in Latvia stood at $X per ton in 2018, growing by X% against the previous year. Over the last eleven years, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2010 when the import price increased by X% year-to-year. Latvia import price peaked at $X per ton in 2011; however, from 2012 to 2018, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was China ($X per ton), while the UK ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Canada, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform