Report Update: May 1, 2024

Latvia - Agricultural And Forestry Tractors - Market Analysis, Forecast, Size, Trends And Insights

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Price for Agricultural and Forestry Tractor in Latvia - 2023

Price for Agricultural and Forestry Tractor in Latvia (CIF) - 2022

The average agricultural and forestry tractor import price stood at $53,893 per unit in 2022, increasing by 8% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, agricultural and forestry tractor import price increased by +36.6% against 2020 indices. The pace of growth was the most pronounced in 2019 an increase of 30%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

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 Germany ($104,627 per unit), while the price for India ($5,588 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Agricultural and Forestry Tractor in Latvia (FOB) - 2022

The average agricultural and forestry tractor export price stood at $39,498 per unit in 2022, growing by 8.1% against the previous year. In general, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, agricultural and forestry tractor export price increased by +109.6% against 2016 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 24% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

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 Lithuania ($90,633 per unit), while the average price for exports to Russia ($27,100 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Agricultural and Forestry Tractor in Latvia

For the fourth year in a row, Latvia recorded growth in purchases abroad of agricultural and forestry tractors, which increased by 19% to 2.3K units in 2022. Overall, total imports indicated prominent growth from 2019 to 2022: its volume increased at an average annual rate of +14.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +51.7% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 25%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, agricultural and forestry tractor imports soared to $124M in 2022. In general, imports showed resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 58%. Imports peaked in 2022 and are expected to retain growth in the near future.

Import of Agricultural and Forestry Tractor in Latvia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Lithuania	18.6	14.6	23.8	29.5	16.6%
Germany	7.1	6.8	11.0	20.1	41.5%
Finland	14.8	6.4	10.7	19.0	8.7%
Italy	11.9	11.2	16.1	18.6	16.1%
France	11.1	9.9	19.7	17.4	16.2%
Sweden	6.0	3.6	5.0	5.7	-1.7%
Estonia	2.9	3.1	2.6	4.3	14.0%
United Kingdom	0.3	0.3	1.0	3.2	120.1%
Poland	0.7	1.1	1.7	1.4	26.0%
India	0.2	0.3	0.8	1.3	86.6%
Denmark	1.2	1.4	1.3	0.9	-9.1%
Netherlands	0.8	0.3	0.5	0.5	-14.5%
China	N/A	N/A	0.4	0.4	0.0%
Others	3.7	1.9	1.8	1.7	-22.8%
Total	79.2	61.1	96.4	124	16.1%

Top Suppliers of Agricultural and Forestry Tractor to Latvia in 2022:

Lithuania (559.0 units)
Italy (313.0 units)
France (239.0 units)
India (233.0 units)
Finland (207.0 units)
Germany (192.0 units)
Estonia (96.0 units)
Sweden (96.0 units)
Poland (77.0 units)
United Kingdom (57.0 units)
Denmark (44.0 units)
Netherlands (35.0 units)
China (35.0 units)

Exports of Agricultural and Forestry Tractor in Latvia

In 2022, shipments abroad of agricultural and forestry tractors was finally on the rise to reach 300 units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a deep setback. Over the period under review, the exports reached the maximum at 378 units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, agricultural and forestry tractor exports soared to $12M in 2022. The total export value increased at an average annual rate of +4.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Agricultural and Forestry Tractor in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Russia	31.0	191	705	4,146	411.4%
Lithuania	3,123	4,608	3,001	2,810	-3.5%
Poland	1,490	457	813	1,077	-10.3%
Netherlands	436	394	357	977	30.9%
Estonia	1,754	1,257	1,110	920	-19.4%
Germany	528	722	283	539	0.7%
Ukraine	431	N/A	104	182	-25.0%
Finland	274	685	459	161	-16.2%
Bulgaria	219	60.1	342	80.9	-28.2%
Hungary	209	49.5	213	64.6	-32.4%
Romania	380	N/A	N/A	18.9	-63.2%
Egypt	260	N/A	N/A	N/A	0%
Czech Republic	622	45.0	70.9	N/A	-66.2%
Others	717	1,024	1,023	872	6.7%
Total	10,474	9,493	8,480	11,849	4.2%

Top Export Markets for Agricultural and Forestry Tractor from Latvia in 2022:

Russia (153.0 units)
Netherlands (35.0 units)
Lithuania (31.0 units)
Poland (29.0 units)
Estonia (12.0 units)
Germany (11.0 units)
Ukraine (6.0 units)
Finland (3.0 units)
Bulgaria (2.0 units)
Romania (1.0 units)
Hungary (1.0 units)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for agricultural and forestry tractor 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 28302100 - New agricultural and forestry tractors, wheeled, of an engine power . .37 kW
Prodcom 28302200 - New agricultural and forestry tractors, wheeled, of an engine power > .37 kW but . .59 kW (excluding pedestrian-controlled tractors)
Prodcom 28302330 - New agricultural and forestry tractors, wheeled, of an engine power > .59 kW but . .75 kW (excluding pedestrian-controlled tractors)
Prodcom 28302350 - New agricultural and forestry tractors, wheeled, of an engine power > .75 kW but . .90 kW (excluding pedestrian-controlled tractors)
Prodcom 28302370 - New agricultural and forestry tractors, wheeled, of an engine power > .90 kW (excluding pedestrian-controlled tractors)
Prodcom 28302390 - New tractors excluding agricultural/forestry tractors, wheeled, p edestrian-controlled tractors - road tractors for semi-trailers, t rack-laying tractors -tractors used on railway platforms

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