Latvia: Wooden Frame Market 2024

Wooden Frame Market Size in Latvia

In 2022, the Latvian wooden frame market decreased by -62.8% to $X, falling for the fourth consecutive year after two years of growth. In general, consumption continues to indicate a precipitous curtailment. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Wooden Frame Production in Latvia

In value terms, wooden frame production expanded to $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 -4.1% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 22%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Wooden Frame Exports

Exports from Latvia

In 2022, overseas shipments of wooden frames for paintings, photographs, mirrors or similar objects decreased by -13.1% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by 50% against the previous year. The exports peaked at X units in 2021, and then dropped in the following year.

In value terms, wooden frame exports shrank to $X in 2022. Overall, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 42%. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Sweden (X units), Denmark (X units) and Germany (X units) were the main destinations of wooden frame exports from Latvia, together comprising 60% of total exports. The UK, Italy, Norway, Belgium and the Netherlands lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +62.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and the UK ($X) appeared to be the largest markets for wooden frame exported from Latvia worldwide, with a combined 54% share of total exports. Germany, Italy, Norway, Belgium and the Netherlands lagged somewhat behind, together comprising a further 31%.

In terms of the main countries of destination, Italy, with a CAGR of +58.2%, 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

In 2022, the average wooden frame export price amounted to $X per unit, remaining constant against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 28%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Frame Imports

Imports into Latvia

Wooden frame imports into Latvia surged to X units in 2022, picking up by 32% compared with the year before. Overall, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 103% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, wooden frame imports surged to $X in 2022. In general, imports continue to indicate a pronounced expansion. The pace of growth appeared the most rapid in 2019 with an increase of 46%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Poland (X units) constituted the largest wooden frame supplier to Latvia, accounting for a 46% share of total imports. Moreover, wooden frame imports from Poland exceeded the figures recorded by the second-largest supplier, Lithuania (X units), threefold. The third position in this ranking was held by China (X units), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland totaled +46.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (-0.3% per year) and China (-4.7% per year).

In value terms, Poland ($X) constituted the largest supplier of wooden frames for paintings, photographs, mirrors or similar objects to Latvia, comprising 42% of total imports. The second position in the ranking was held by Lithuania ($X), with a 19% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Poland stood at +34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+0.3% per year) and China (-6.8% per year).

Import Prices by Country

In 2022, the average wooden frame import price amounted to $X per unit, flattening at the previous year. Overall, the import price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2013 when the average import price increased by 16% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

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 Germany ($X per unit), while the price for Ukraine ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform