Latvia: Wood Fuel Market 2025

Wood Fuel Market Size in Latvia

The Latvian wood fuel market contracted significantly to $X in 2022, reducing by -28.8% against the previous year. In general, consumption, however, showed a prominent expansion. Wood fuel consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Wood Fuel Production in Latvia

In value terms, wood fuel production fell slightly to $X in 2022 estimated in export price. Overall, production, however, showed a strong increase. The pace of growth was the most pronounced in 2016 with an increase of 45% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Wood Fuel Exports

Exports from Latvia

In 2022, approx. X cubic meters of wood fuel were exported from Latvia; rising by 67% on the year before. Over the period under review, exports enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, wood fuel exports skyrocketed to $X in 2022. In general, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The UK (X cubic meters), Estonia (X cubic meters) and Sweden (X cubic meters) were the main destinations of wood fuel exports from Latvia, with a combined 49% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +47.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for wood fuel exports from Latvia, comprising 39% of total exports. The second position in the ranking was taken by Norway ($X), with a 13% share of total exports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the UK amounted to +58.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+22.6% per year) and Germany (+12.2% per year).

Export Prices by Country

The average wood fuel export price stood at $X per cubic meter in 2022, waning by -6.6% against the previous year. Over the period under review, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood fuel export price increased by +37.3% against 2020 indices. The growth pace was the most rapid in 2021 when the average export price increased by 47%. As a result, the export price attained the peak level of $X per cubic meter, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per cubic meter), while the average price for exports to Denmark ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Fuel Imports

Imports into Latvia

Wood fuel imports into Latvia shrank slightly to X cubic meters in 2022, remaining relatively unchanged against 2021 figures. Overall, imports, however, saw significant growth. The growth pace was the most rapid in 2017 with an increase of 596%. Over the period under review, imports attained the peak figure at X cubic meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, wood fuel imports fell to $X in 2022. Over the period under review, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 919% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Lithuania (X cubic meters), Sweden (X cubic meters) and Belarus (X cubic meters) were the main suppliers of wood fuel imports to Latvia, with a combined 70% share of total imports. Finland, Russia, Estonia and Norway lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +823.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wood fuel suppliers to Latvia were Lithuania ($X), Sweden ($X) and Belarus ($X), together accounting for 70% of total imports. Russia, Estonia, Finland and Norway lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, Norway, with a CAGR of +437.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average wood fuel import price amounted to $X per cubic meter, shrinking by -9.3% against the previous year. Over the period under review, the import price, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2014 an increase of 76%. Over the period under review, average import prices hit record highs at $X per cubic meter in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per cubic meter), while the price for Finland ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform