Report Update: May 1, 2024

Latvia - Cranks And Crankshafts - Market Analysis, Forecast, Size, Trends And Insights

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Cranks and Crankshafts Price in Latvia - 2023

Cranks and Crankshafts Price in Latvia (CIF) - 2023

In October 2023, the average cranks and crankshafts import price amounted to $39,783 per ton, picking up by 50% against the previous month. Over the period under review, import price indicated a prominent expansion from October 2022 to October 2023: its price increased at an average monthly rate of +7.2% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on October 2023 figures, cranks and crankshafts import price increased by +53.3% against July 2023 indices. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 79% against the previous month. Over the period under review, average import prices reached the maximum in October 2023.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($67,005 per ton), while the price for Lithuania ($17,977 per ton) was amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Estonia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Cranks and Crankshafts Price in Latvia (FOB) - 2022

The average cranks and crankshafts export price stood at $25,413 per ton in 2022, shrinking by -16.7% against the previous year. Overall, the export price, however, recorded a strong increase. The growth pace was the most rapid in 2020 when the average export price increased by 41% against the previous year. The export price peaked at $30,490 per ton in 2021, and then dropped sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($43,692 per ton), while the average price for exports to the UK ($15,770 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 Sweden (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks and Crankshafts Imports in Latvia

In 2022, supplies from abroad of cranks and crankshafts was finally on the rise to reach 153 tons after two years of decline. In general, imports, however, saw a pronounced decrease.

In value terms, cranks and crankshafts imports rose significantly to $3.4M in 2022. Overall, total imports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +13.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -12.9% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 69%. As a result, imports attained the peak of $3.9M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Import of Cranks and Crankshafts in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Germany	700	813	821	947	10.6%
Lithuania	281	403	381	379	10.5%
Poland	223	205	281	319	12.7%
Sweden	211	238	345	305	13.1%
Estonia	109	54.9	128	239	29.9%
China	15.8	42.2	47.3	173	122.1%
Finland	94.1	88.0	139	146	15.8%
Turkey	119	137	103	126	1.9%
United Kingdom	35.4	4.7	120	111	46.4%
Italy	35.1	70.2	53.3	99.2	41.4%
India	N/A	N/A	52.0	80.1	54.0%
Russia	93.9	289	180	51.7	-18.0%
Ukraine	66.7	6.8	14.6	36.8	-18.0%
Others	294	1,508	457	349	5.9%
Total	2,278	3,859	3,120	3,363	13.9%

Top Suppliers of Cranks and Crankshafts to Latvia in 2022:

Germany (38.2 tons)
Lithuania (27.6 tons)
Poland (18.2 tons)
Estonia (15.2 tons)
Turkey (11.6 tons)
Sweden (8.9 tons)
China (4.3 tons)
United Kingdom (4.0 tons)
Russia (4.0 tons)
Italy (3.5 tons)
India (2.8 tons)
Ukraine (2.4 tons)
Finland (2.4 tons)

Cranks and Crankshafts Exports in Latvia

In 2022, the amount of cranks and crankshafts exported from Latvia surged to 65 tons, growing by 34% on the year before. In general, exports, however, continue to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 54% against the previous year. As a result, the exports attained the peak of 113 tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cranks and crankshafts exports expanded sharply to $1.6M in 2022. Over the period under review, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 118% against the previous year. As a result, the exports reached the peak of $2.6M. From 2021 to 2022, the growth of the exports failed to regain momentum.

Export of Cranks and Crankshafts in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Russia	659	2,012	657	693	1.7%
Lithuania	105	113	97.4	153	13.4%
Uzbekistan	0.7	6.1	N/A	134	476.3%
Estonia	77.9	75.6	133	113	13.2%
Germany	52.0	31.4	26.8	96.9	23.1%
Kazakhstan	17.7	30.8	8.0	60.8	50.9%
United Kingdom	1.1	N/A	29.3	47.2	250.1%
Belarus	209	288	318	46.0	-39.6%
Others	77.1	61.9	195	296	56.6%
Total	1,200	2,619	1,465	1,640	11.0%

Top Export Markets for Cranks and Crankshafts from Latvia in 2022:

Russia (28.5 tons)
Estonia (6.3 tons)
Germany (5.7 tons)
Uzbekistan (5.1 tons)
Lithuania (3.5 tons)
United Kingdom (3.0 tons)
Kazakhstan (2.7 tons)
Belarus (1.6 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the cranks and crankshafts market in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 28152230 - Cranks and crankshafts
Prodcom 28152250 - Cardan shafts
Prodcom 28152270 - Other shafts

Country coverage:

Latvia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Latvia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023