Lithuania: Nails And Tacks Market 2024

Nails And Tacks Market Size in Lithuania

The Lithuanian nails and tacks market shrank dramatically to $X in 2022, waning by -17% against the previous year. Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +22.2% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted significantly in the following year.

Nails And Tacks Production in Lithuania

In value terms, nails and tacks production dropped dramatically to $X in 2022 estimated in export price. Over the period under review, production posted a noticeable expansion. The growth pace was the most rapid in 2021 with an increase of 94%. As a result, production reached the peak level of $X, and then contracted sharply in the following year.

Nails And Tacks Exports

Exports from Lithuania

In 2022, shipments abroad of nails, tacks, drawing pins, corrugated nails, staples decreased by -34.7% to X tons, falling for the fifth consecutive year after three years of growth. Over the period under review, exports recorded a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 70%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, nails and tacks exports dropped markedly to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 91% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Belarus (X tons) was the main destination for nails and tacks exports from Lithuania, accounting for a 53% share of total exports. Moreover, nails and tacks exports to Belarus exceeded the volume sent to the second major destination, Latvia (X tons), twofold. Estonia (X tons) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belarus stood at +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (-2.8% per year) and Estonia (+3.1% per year).

In value terms, Belarus ($X) remains the key foreign market for nails, tacks, drawing pins, corrugated nails, staples exports from Lithuania, comprising 44% of total exports. The second position in the ranking was held by Latvia ($X), with a 20% share of total exports. It was followed by Russia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Belarus amounted to +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (+0.2% per year) and Russia (-15.4% per year).

Export Prices by Country

The average nails and tacks export price stood at $X per ton in 2022, picking up by 25% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2016 an increase of 35%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton), while the average price for exports to Ireland ($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 (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Nails And Tacks Imports

Imports into Lithuania

After two years of growth, overseas purchases of nails, tacks, drawing pins, corrugated nails, staples decreased by -18.7% to X tons in 2022. In general, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +3.3% 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 2021 with an increase of 12% against the previous year. As a result, imports attained the peak of X tons, and then contracted dramatically in the following year.

In value terms, nails and tacks imports dropped sharply to $X in 2022. Overall, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +21.8% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 37% against the previous year. As a result, imports reached the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of nails and tacks to Lithuania, accounting for a 67% share of total imports. Moreover, nails and tacks imports from Poland exceeded the figures recorded by the second-largest supplier, Croatia (X tons), sevenfold. Turkey (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Croatia (-3.2% per year) and Turkey (+88.9% per year).

In value terms, Poland ($X) constituted the largest supplier of nails, tacks, drawing pins, corrugated nails, staples to Lithuania, comprising 60% of total imports. The second position in the ranking was taken by India ($X), with a 5.8% share of total imports. It was followed by Croatia, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from Poland amounted to +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+31.9% per year) and Croatia (-3.2% per year).

Import Prices by Country

The average nails and tacks import price stood at $X per ton in 2022, with an increase of 3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 when the average import price increased by 22%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform