Latvia: Wheat Market 2025

Wheat Market Size in Latvia

The Latvian wheat market shrank rapidly to $X in 2022, reducing by -33.4% against the previous year. Overall, consumption, however, recorded a resilient expansion. As a result, consumption attained the peak level of $X, and then shrank markedly in the following year.

Wheat Production in Latvia

In value terms, wheat production rose slightly to $X in 2022 estimated in export price. In general, the total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.2% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 55% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

In 2022, the average yield of wheat in Latvia stood at X tons per ha, with an increase of 9.2% compared with 2021. The yield figure increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 40% against the previous year. The wheat yield peaked at X tons per ha in 2020; however, from 2021 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of wheat were harvested in Latvia; waning by -3.6% compared with 2021 figures. The harvested area increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 18% against the previous year. The wheat harvested area peaked at X ha in 2021, and then fell in the following year.

Wheat Exports

Exports from Latvia

In 2022, the amount of wheat exported from Latvia skyrocketed to X tons, with an increase of 18% on the previous year's figure. Over the period under review, exports saw a strong expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 55%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, wheat exports skyrocketed to $X in 2022. Overall, exports recorded a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria (X tons) was the main destination for wheat exports from Latvia, with a 27% share of total exports. Moreover, wheat exports to Nigeria exceeded the volume sent to the second major destination, Spain (X tons), twofold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Nigeria totaled +26.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+24.3% per year) and Saudi Arabia (+8.1% per year).

In value terms, Nigeria ($X), Saudi Arabia ($X) and Spain ($X) were the largest markets for wheat exported from Latvia worldwide, with a combined 53% share of total exports. The Netherlands, Mozambique, Angola, South Africa, Morocco, Tanzania, Lithuania, Israel, Ghana and Norway lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Angola, with a CAGR of +130.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wheat export price stood at $X per ton in 2022, with an increase of 29% against the previous year. Over the period under review, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat export price increased by +103.2% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Saudi Arabia ($X per ton) and Mozambique ($X per ton), while the average price for exports to Ghana ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (+30.9%), while the prices for the other major destinations experienced more modest paces of growth.

Wheat Imports

Imports into Latvia

In 2022, approx. X tons of wheat were imported into Latvia; approximately equating the previous year. Overall, imports saw a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 175%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, wheat imports amounted to $X in 2022. Over the period under review, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 73%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest wheat supplier to Latvia, with a 73% share of total imports. Moreover, wheat imports from Lithuania exceeded the figures recorded by the second-largest supplier, Russia (X tons), sixfold. The Netherlands (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania amounted to +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+121.0% per year) and the Netherlands (+58.5% per year).

In value terms, Lithuania ($X) constituted the largest supplier of wheat to Latvia, comprising 69% of total imports. The second position in the ranking was held by Russia ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value from Lithuania amounted to +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+126.3% per year) and the Netherlands (+66.6% per year).

Import Prices by Country

The average wheat import price stood at $X per ton in 2022, growing by 8.7% against the previous year. Over the period under review, the import price, however, saw a slight decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 23% 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.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Kazakhstan ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform