Latvia: Flax Fabric Market 2024

Flax Fabric Market Size in Latvia

After ten years of growth, the Latvian flax fabric market decreased by -87.3% to $X in 2022. Overall, consumption continues to indicate a dramatic downturn. As a result, consumption attained the peak level of $X, and then shrank dramatically in the following year.

Flax Fabric Production in Latvia

In value terms, flax fabric production skyrocketed to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt curtailment. Flax fabric production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Flax Fabric Exports

Exports from Latvia

In 2022, flax fabric exports from Latvia soared to X tons, growing by 1,034% against the year before. Over the period under review, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, flax fabric exports skyrocketed to $X in 2022. In general, exports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 162% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X tons) was the main destination for flax fabric exports from Latvia, with a 90% share of total exports. Moreover, flax fabric exports to Lithuania exceeded the volume sent to the second major destination, Ireland (X tons), more than tenfold. The United States (X kg) ranked third in terms of total exports with a 3.1% share.

From 2020 to 2022, the average annual growth rate of volume to Lithuania stood at +12,172.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (0.0% per year) and the United States (+241.9% per year).

In value terms, Lithuania ($X) emerged as the key foreign market for woven fabrics of flax exports from Latvia, comprising 76% of total exports. The second position in the ranking was held by the United States ($X), with a 7.2% share of total exports. It was followed by Ireland, with a 5.4% share.

From 2020 to 2022, the average annual growth rate of value to Lithuania amounted to +8,046.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+51.6% per year) and Ireland (0.0% per year).

Export Prices by Country

The average flax fabric export price stood at $X per ton in 2022, which is down by -86.4% against the previous year. Over the period under review, the export price continues to indicate a significant contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 44%. As a result, the export price attained the peak level of $X per ton, and then fell remarkably in the following year.

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

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (-26.1%), while the prices for the other major destinations experienced a decline.

Flax Fabric Imports

Imports into Latvia

Flax fabric imports into Latvia surged to X tons in 2022, rising by 22% compared with 2021. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2021 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, flax fabric imports declined rapidly to $X in 2022. In general, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 68%. Over the period under review, imports reached the peak figure at $X in 2021, and then declined rapidly in the following year.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest flax fabric supplier to Latvia, with a 53% share of total imports. Moreover, flax fabric imports from Lithuania exceeded the figures recorded by the second-largest supplier, Estonia (X tons), threefold. Belarus (X tons) ranked third in terms of total imports with a 17% share.

From 2020 to 2022, the average annual growth rate of volume from Lithuania stood at +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+200.8% per year) and Belarus (+3,061.7% per year).

In value terms, Lithuania ($X) constituted the largest supplier of woven fabrics of flax to Latvia, comprising 54% of total imports. The second position in the ranking was taken by Estonia ($X), with a 16% share of total imports. It was followed by Belarus, with an 11% share.

From 2020 to 2022, the average annual rate of growth in terms of value from Lithuania stood at -19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+181.6% per year) and Belarus (+3,396.7% per year).

Import Prices by Country

In 2022, the average flax fabric import price amounted to $X per ton, which is down by -45.7% against the previous year. Over the period under review, the import price recorded a dramatic decrease. The most prominent rate of growth was recorded in 2021 an increase of 1% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced sharply in the following year.

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

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+10.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform