Latvia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Latvia

The Latvian vegetable oils market declined sharply to $X in 2022, which is 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). In general, consumption recorded a mild shrinkage. As a result, consumption reached the peak level of $X, and then shrank markedly in the following year.

Vegetable Oils Exports

Exports from Latvia

In 2022, the amount of vegetable fats and oils exported from Latvia soared to X tons, growing by X% on 2021 figures. Over the period under review, exports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, vegetable oils exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X tons) was the main destination for vegetable oils exports from Latvia, accounting for a X% share of total exports. Moreover, vegetable oils exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Lithuania stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Russia (X% per year).

In value terms, Lithuania ($X) remains the key foreign market for vegetable fats and oils exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Estonia ($X), with an X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Russia (X% per year).

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, which is down by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign 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 (X%), while the prices for the other major destinations experienced mixed trend patterns.

Vegetable Oils Imports

Imports into Latvia

In 2022, overseas purchases of vegetable fats and oils increased by X% to X tons, rising for the second year in a row after three years of decline. Overall, imports saw a moderate expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, vegetable oils imports fell dramatically to $X in 2022. In general, imports, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Sweden (X tons) constituted the largest vegetable oils supplier to Latvia, with a X% share of total imports. Moreover, vegetable oils imports from Sweden exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), sixfold. Indonesia (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from Sweden amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and Indonesia (X% per year).

In value terms, Sweden ($X) constituted the largest supplier of vegetable fats and oils to Latvia, comprising X% of total imports. The second position in the ranking was taken by Lithuania ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sweden amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price showed a deep slump. The pace of growth was the most pronounced in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform