Latvia: Tractor Market 2020

Tractor Market Size in Latvia

The revenue of the tractor market in Latvia amounted to $X in 2018, coming down 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). Overall, tractor consumption continues to indicate a moderate curtailment. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Latvia tractor consumption peaked at $X in 2012; however, from 2013 to 2018, consumption failed to regain its momentum.

Tractor Exports

Exports from Latvia

In 2018, the amount of tractors exported from Latvia amounted to X units, picking up by X% against the previous year. In general, tractor exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of X% year-to-year. Over the period under review, tractor exports attained their peak figure in 2018 and are likely to see steady growth in the near future.

In value terms, tractor exports amounted to $X in 2018. Overall, tractor exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% year-to-year. Over the period under review, tractor exports attained their peak figure at $X in 2010; however, from 2011 to 2018, exports stood at a somewhat lower figure.

Exports by Country

The UK (X units), Japan (X units), Germany (X units), the U.S. (X units), Belarus (X units), India (X units), Italy (X units), South Korea (X units), China (X units), France (X units), Thailand (X units) and Turkey (X units) represented roughly X% of total exports of tractors in 2018.

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

In value terms, Germany ($X), the U.S. ($X) and Japan ($X) appeared to be the countries with the highest levels of exports in 2018, together accounting for X% of total exports. These countries were followed by Italy, the UK, France, India, South Korea, China, Belarus, Turkey, Thailand and Latvia, which together accounted for a further X experienced the highest rates of growth with regard to exports, in terms of the main exporting countries over the last eleven years, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The tractor export price in Latvia stood at $X per unit in 2018, dropping by -X% against the previous year. Overall, the tractor export price continues to indicate a measured drop. The most prominent rate of growth was recorded in 2015 an increase of X% y-o-y. Over the period under review, the export prices for tractors attained their peak figure at $X per unit in 2009; however, from 2010 to 2018, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was France ($X per unit), while the UK ($X per unit) was amongst the lowest.

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

Tractor Imports

Imports into Latvia

Tractor imports into Latvia amounted to X units in 2018, dropping by -X% against the previous year. In general, tractor imports continue to indicate a measured contraction. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Latvia imports peaked at X units in 2012; however, from 2013 to 2018, imports remained at a lower figure.

In value terms, tractor imports totaled $X in 2018. Overall, tractor imports continue to indicate moderate growth. The most prominent rate of growth was recorded in 2011 when imports increased by X% y-o-y. Over the period under review, tractor imports attained their maximum in 2018 and are expected to retain its growth in the near future.

Imports by Country

In 2018, Free Zones (X units) and the U.S. (X units) were the key importers of tractorsaround the world, together accounting for approx. X% of total imports. It was distantly followed by Germany (X units), making up a X% share of total imports. The following importers - France (X units), Ukraine (X units), Canada (X units), the UK (X units), the Netherlands (X units), Russia (X units), Italy (X units), Poland (X units) and Vietnam (X units) - together made up X% of total imports.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Free Zones (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the U.S. ($X) constitutes the largest market for imported tractors into Latvia, comprising X% of global imports. The second position in the ranking was occupied by France ($X), with a X% share of global imports. It was followed by Canada, with a X% share.

From 2007 to 2018, the average annual growth rate of value in the U.S. totaled +X%. The remaining importing countries recorded the following average annual rates of imports growth: France (+X% per year) and Canada (+X% per year).

Import Prices by Country

The tractor import price in Latvia stood at $X per unit in 2018, growing by X% against the previous year. Over the period under review, the tractor import price continues to indicate resilient growth. The growth pace was the most rapid in 2017 when the import price increased by X% year-to-year. Latvia import price peaked in 2018 and is expected to retain its growth in the near future.

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

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

Source: IndexBox Platform