Latvia: Truck Market 2020

Truck Market Size in Latvia

The revenue of the truck market in Latvia amounted to $X in 2018, picking up 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). Over the period under review, truck consumption, however, continues to indicate a deep decrease. The pace of growth was the most pronounced in 2011 when the market value increased by X% year-to-year. Over the period under review, the truck market reached its maximum level at $X in 2007; however, from 2008 to 2018, consumption remained at a lower figure.

Truck Exports

Exports from Latvia

Truck exports from Latvia amounted to X units in 2018, rising by X% against the previous year. Overall, truck exports continue to indicate a modest increase. The most prominent rate of growth was recorded in 2018 when exports increased by X% y-o-y. In that year, truck exports attained their peak and are likely to continue its growth in the immediate term.

In value terms, truck exports totaled $X in 2018. Overall, truck exports continue to indicate slight growth. The pace of growth was the most pronounced in 2018 when exports increased by X% year-to-year. In that year, truck exports attained their peak and are likely to continue its growth in the immediate term.

Exports by Country

Thailand represented the largest exporting country with an export of around X units, which resulted at X% of total exports. Mexico (X units) took a X% share (based on tons) of total exports, which put it in second place, followed by the U.S. (X%). Japan (X units), France (X units), Germany (X units), Turkey (X units), Italy (X units), Spain (X units), South Africa (X units), Belgium (X units) and Argentina (X units) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the trucks exports, with a CAGR of +X% from 2007 to 2018. At the same time, Argentina (+X%), France (+X%), Turkey (+X%), Belgium (+X%) and South Africa (+X%) displayed positive paces of growth. By contrast, Japan (-X%), Spain (-X%), Mexico (-X%), Italy (-X%), Germany (-X%) and the U.S. (-X%) illustrated a downward trend over the same period. From 2007 to 2018, the share of Thailand increased by +X% percentage points, while Germany (-X p.p.), the U.S. (-X p.p.) and Mexico (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X), the U.S. ($X) and Germany ($X) were the countries with the highest levels of exports in 2018, together comprising X% of total exports. These countries were followed by Thailand, France, Japan, Spain, Italy, Turkey, Belgium, Argentina, South Africa and Latvia, which together accounted for a further X Africa experienced the highest rates of growth with regard to exports, among the main exporting countries over the last eleven years, while the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2018, the truck export price in Latvia amounted to $X per unit, reducing by -X% against the previous year. In general, the truck export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of X% year-to-year. Latvia export price peaked at $X per unit in 2017, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was the U.S. ($X per unit), while Thailand ($X per unit) 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.

Truck Imports

Imports into Latvia

Truck imports into Latvia amounted to X units in 2018, picking up by X% against the previous year. Overall, truck imports, however, continue to indicate a drastic reduction. The most prominent rate of growth was recorded in 2011 with an increase of X% y-o-y. Over the period under review, truck imports attained their peak figure at X units in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

In value terms, truck imports stood at $X in 2018. In general, truck imports, however, continue to indicate an abrupt deduction. The pace of growth was the most pronounced in 2011 with an increase of X% year-to-year. Latvia imports peaked at $X in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

Imports by Country

In 2018, the Philippines (X units) was the major importer of trucks, committing X% of total imports. The U.S. (X units) ranks second in terms of the total imports with a X% share, followed by Canada (X%). The UK (X units), France (X units), Australia (X units), Germany (X units) and Belgium (X units) followed a long way behind the leaders.

The Philippines was also the fastest-growing in terms of the trucks imports, with a CAGR of +X% from 2007 to 2018. At the same time, Canada (+X%), Australia (+X%), the U.S. (+X%) and Belgium (+X%) displayed positive paces of growth. France, the UK and Germany experienced a relatively flat trend pattern. From 2007 to 2018, the share of the Philippines, Canada and the U.S. increased by +X%, +X% and +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X), Canada ($X) and the UK ($X) were the countries with the highest levels of imports in 2018, with a combined X% share of total imports. France, Australia, Germany, Belgium, the Philippines and Latvia lagged somewhat behind, together accounting for a further X the main importing countries, the Philippines experienced the highest rates of growth with regard to imports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the truck import price in Latvia amounted to $X per unit, going down by -X% against the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2012 an increase of X% year-to-year. In that year, the import prices for trucks attained their peak level of $X per unit. From 2013 to 2018, the growth in terms of the import prices for trucks remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Germany ($X per unit), while the Philippines ($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 UK, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform