Lithuania: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Lithuania

The Lithuanian cranks and crankshafts market skyrocketed to $X in 2022, surging by 770% against the previous year. Over the period under review, consumption, however, continues to indicate a deep setback. Cranks and crankshafts consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Production in Lithuania

In value terms, cranks and crankshafts production amounted to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 1,848%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Cranks And Crankshafts Exports

Exports from Lithuania

In 2022, approx. X tons of cranks and crankshafts were exported from Lithuania; reducing by -26.1% on the previous year's figure. Over the period under review, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 47% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, cranks and crankshafts exports dropped markedly to $X in 2022. In general, exports, however, posted a notable expansion. The growth pace was the most rapid in 2017 with an increase of 63%. Over the period under review, the exports hit record highs at $X in 2021, and then contracted rapidly in the following year.

Exports by Country

Uzbekistan (X tons), Kazakhstan (X tons) and Kyrgyzstan (X tons) were the main destinations of cranks and crankshafts exports from Lithuania, together comprising 49% of total exports. Latvia, Russia, Belarus, Estonia, Ukraine, Georgia, Bulgaria, Moldova, Armenia and Romania lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the biggest increases were recorded for Armenia (with a CAGR of +694.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cranks and crankshafts exported from Lithuania were Russia ($X), Latvia ($X) and Kazakhstan ($X), together comprising 42% of total exports. Armenia, Kyrgyzstan, Bulgaria, Belarus, Estonia, Uzbekistan, Ukraine, Georgia, Moldova and Romania lagged somewhat behind, together accounting for a further 36%.

Armenia, with a CAGR of +837.8%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, which is down by -34.7% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then reduced markedly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Armenia ($X per ton), while the average price for exports to Uzbekistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kyrgyzstan (+24.7%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Lithuania

In 2022, imports of cranks and crankshafts into Lithuania dropped to X tons, shrinking by -12.2% on the previous year. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when imports increased by 38%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, cranks and crankshafts imports reduced notably to $X in 2022. Overall, imports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2013 with an increase of 40% against the previous year. Imports peaked at $X in 2021, and then fell sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of cranks and crankshafts to Lithuania, accounting for a 54% share of total imports. Moreover, cranks and crankshafts imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. The Czech Republic (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.4% per year) and the Czech Republic (+10.6% per year).

In value terms, Germany ($X) constituted the largest supplier of cranks and crankshafts to Lithuania, comprising 32% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by Poland, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.1% per year) and Poland (+17.4% per year).

Import Prices by Country

In 2022, the average cranks and crankshafts import price amounted to $X per ton, with a decrease of -12.6% against the previous year. Overall, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the average import price increased by 41% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then dropped in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform