Lithuania: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in Lithuania

The Lithuanian interchangeable spanner socket market rose rapidly to $X in 2022, increasing by 10% 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, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.5% against 2019 indices. Interchangeable spanner socket consumption peaked in 2022 and is likely to continue growth in the near future.

Interchangeable Spanner Socket Exports

Exports from Lithuania

In 2022, approx. X tons of interchangeable spanner sockets were exported from Lithuania; surging by 10% compared with the year before. In general, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 87% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, interchangeable spanner socket exports fell to $X in 2022. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 80%. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank in the following year.

Exports by Country

Latvia (X tons) was the main destination for interchangeable spanner socket exports from Lithuania, accounting for a 48% share of total exports. Moreover, interchangeable spanner socket exports to Latvia exceeded the volume sent to the second major destination, Estonia (X tons), fourfold. The third position in this ranking was taken by Austria (X tons), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to Latvia amounted to +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+19.3% per year) and Austria (+2,346.3% per year).

In value terms, Latvia ($X) remains the key foreign market for interchangeable spanner sockets exports from Lithuania, comprising 39% of total exports. The second position in the ranking was taken by Estonia ($X), with an 11% share of total exports. It was followed by Belarus, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Latvia stood at +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+25.8% per year) and Belarus (+2.9% per year).

Export Prices by Country

The average interchangeable spanner socket export price stood at $X per ton in 2022, waning by -14.1% against the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 an increase of 58% 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 declined in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Austria ($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 Russia (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports into Lithuania

After two years of decline, purchases abroad of interchangeable spanner sockets increased by 6.4% to X tons in 2022. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -16.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 31%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, interchangeable spanner socket imports expanded sharply to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by +104.2% against 2013 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 32%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), Poland (X tons) and China (X tons) were the main suppliers of interchangeable spanner socket imports to Lithuania, with a combined 71% share of total imports. Estonia, Taiwan (Chinese), Latvia and the Netherlands lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Estonia (with a CAGR of +37.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and Estonia ($X) were the largest interchangeable spanner socket suppliers to Lithuania, with a combined 66% share of total imports. China, Taiwan (Chinese), Latvia and the Netherlands lagged somewhat behind, together accounting for a further 24%.

In terms of the main suppliers, the Netherlands, with a CAGR of +45.0%, recorded the highest growth rate of 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

The average interchangeable spanner socket import price stood at $X per ton in 2022, picking up by 4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2021 an increase of 19% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform