Latvia: Woven Carpet Market 2024

Woven Carpet Market Size in Latvia

The Latvian woven carpet market declined to $X in 2022, dropping by -14.8% 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, consumption recorded a abrupt shrinkage. Woven carpet consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Woven Carpet Exports

Exports from Latvia

In 2022, the amount of woven carpets and other woven textile coverings exported from Latvia soared to X square meters, increasing by 21% against the previous year's figure. Over the period under review, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2013 when exports increased by 337%. The exports peaked at X square meters in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, woven carpet exports totaled $X in 2022. Overall, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 528%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Estonia (X square meters), Lithuania (X square meters) and Russia (X square meters) were the main destinations of woven carpet exports from Latvia, with a combined 100% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +20.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for woven carpet exported from Latvia were Estonia ($X), Lithuania ($X) and Russia ($X), with a combined 98% share of total exports.

Estonia, with a CAGR of +18.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average woven carpet export price stood at $X per square meter in 2022, shrinking by -16.5% against the previous year. Over the period under review, the export price continues to indicate a slight reduction. The pace of growth appeared the most rapid in 2013 an increase of 44%. As a result, the export price attained the peak level of $X per square meter. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per square meter), while the average price for exports to Lithuania ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+0.9%), while the prices for the other major destinations experienced a decline.

Woven Carpet Imports

Imports into Latvia

In 2022, after six years of growth, there was significant decline in overseas purchases of woven carpets and other woven textile coverings, when their volume decreased by -5.5% to X square meters. In general, imports saw a abrupt slump. The pace of growth was the most pronounced in 2019 when imports increased by 21%. Imports peaked at X square meters in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, woven carpet imports dropped slightly to $X in 2022. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 27% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Poland (X square meters) constituted the largest woven carpet supplier to Latvia, with a 37% share of total imports. Moreover, woven carpet imports from Poland exceeded the figures recorded by the second-largest supplier, Lithuania (X square meters), twofold. Belgium (X square meters) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland totaled +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+6.7% per year) and Belgium (-18.8% per year).

In value terms, the largest woven carpet suppliers to Latvia were Poland ($X), Belgium ($X) and Lithuania ($X), with a combined 62% share of total imports. Germany, Estonia, Serbia, China, Moldova, Turkey, Ukraine, Belarus and India lagged somewhat behind, together accounting for a further 29%.

China, with a CAGR of +26.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 woven carpet import price amounted to $X per square meter, growing by 3.9% against the previous year. In general, the import price, however, saw a perceptible slump. The pace of growth was the most pronounced in 2013 when the average import price increased by 26% against the previous year. The import price peaked at $X per square meter in 2014; however, from 2015 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 Turkey ($X per square meter), while the price for Ukraine ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform