Life-Jackets and Life-Belts Price in Latvia - 2023

Life-Jackets and Life-Belts Price in Latvia (CIF) - 2022

The average life-jackets and life-belts import price stood at $45,888 per ton in 2022, with an increase of 15% against the previous year. In general, the import price continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2019 when the average import price increased by 76%. The import price peaked at $63,646 per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($69,789 per ton), while the price for Greece ($13,012 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Life-Jackets and Life-Belts Price in Latvia (FOB) - 2022

The average life-jackets and life-belts export price stood at $36,622 per ton in 2022, with an increase of 19% against the previous year. Over the period under review, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, life-jackets and life-belts export price decreased by -9.6% against 2020 indices. The growth pace was the most rapid in 2020 when the average export price increased by 102%. As a result, the export price attained the peak level of $40,523 per ton. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($109,186 per ton), while the average price for exports to Norway ($10,255 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 the Netherlands (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Life-Jackets and Life-Belts Imports in Latvia

In 2022, approx. 21 tons of life-jackets and life-beltses were imported into Latvia; picking up by 13% compared with the previous year's figure. Overall, total imports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +20.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 36%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, life-jackets and life-belts imports soared to $960K in 2022. Over the period under review, total imports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +20.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +75.1% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 58% 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.

Import of Life-Jackets and Life-Belts in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Estonia	201	587	213	410	26.8%
Lithuania	37.7	35.1	92.5	130	51.1%
Poland	66.1	54.5	78.1	85.7	9.0%
Sweden	48.6	29.7	77.9	57.6	5.8%
Finland	27.0	29.6	61.3	49.4	22.3%
Netherlands	29.5	31.4	40.5	35.0	5.9%
Belgium	6.0	10.0	27.7	22.4	55.1%
China	12.9	4.3	5.2	19.0	13.8%
Portugal	12.1	5.6	8.9	14.7	6.7%
Germany	19.8	17.3	23.3	14.7	-9.5%
Greece	N/A	1.4	14.4	5.5	98.2%
Cyprus	N/A	0.5	6.8	5.2	222.5%
Romania	30.8	30.3	1.8	4.9	-45.8%
Others	57.4	27.5	89.1	106	22.7%
Total	549	865	740	960	20.5%

Top Suppliers of Life-Jackets and Life-Belts to Latvia in 2022:

Estonia (6.3 tons)
Poland (4.3 tons)
Lithuania (2.1 tons)
Finland (2.0 tons)
Netherlands (1.0 tons)
China (0.9 tons)
Sweden (0.8 tons)
Belgium (0.7 tons)
Portugal (0.4 tons)
Greece (0.4 tons)
Germany (0.4 tons)
Cyprus (0.3 tons)
Romania (0.1 tons)

Life-Jackets and Life-Belts Exports in Latvia

In 2022, approx. 6.5 tons of life-jackets and life-beltses were exported from Latvia; waning by -23.8% compared with the year before. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 24% against the previous year.

In value terms, life-jackets and life-belts exports shrank to $238K in 2022. Over the period under review, exports recorded a mild shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 11%. As a result, the exports attained the peak of $278K. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Export of Life-Jackets and Life-Belts in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	N/A	124	120	75.9	-21.8%
Russia	0.4	N/A	0.4	25.4	299.0%
Lithuania	17.3	20.3	27.0	24.6	12.5%
Estonia	14.9	18.3	24.1	18.9	8.2%
United Kingdom	0.1	0.2	6.5	16.2	445.1%
Norway	137	52.5	58.6	16.2	-50.9%
China	18.9	N/A	N/A	14.9	-7.6%
Turkey	N/A	36.6	N/A	6.4	-58.2%
Finland	17.8	9.4	8.7	2.8	-46.0%
Israel	19.0	N/A	N/A	N/A	0%
Others	24.9	16.6	17.6	36.5	13.6%
Total	250	278	263	238	-1.6%