Report Update: May 1, 2024

Latvia - Liquefied Petroleum Gas (LPG) - Market Analysis, Forecast, Size, Trends And Insights

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Price for Liquefied Petroleum Gas (LPG) in Latvia - 2023

Price for Liquefied Petroleum Gas (LPG) in Latvia (CIF) - 2023

In September 2023, the average liquefied petroleum gas (LPG) import price amounted to $402 per ton, with an increase of 5.5% against the previous month. Over the period under review, the import price, however, showed a pronounced downturn. Over the period under review, average import prices hit record highs at $602 per ton in October 2022; however, from November 2022 to September 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In September 2023, the country with the highest price was Lithuania ($429 per ton), while the price for Russia stood at $397 per ton.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Russia (-3.2%).

Price for Liquefied Petroleum Gas (LPG) in Latvia (FOB) - 2023

In September 2023, the average liquefied petroleum gas (LPG) export price amounted to $482 per ton, with an increase of 17% against the previous month. Over the period under review, the export price, however, recorded a noticeable decline. The export price peaked at $647 per ton in October 2022; however, from November 2022 to September 2023, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In September 2023, the countries with the highest prices were Ukraine ($568 per ton) and Estonia ($494 per ton), while the average price for exports to Cyprus ($406 per ton) and the Czech Republic ($432 per ton) were amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+2.6%), while the prices for the other major destinations experienced a decline.

Imports of Liquefied Petroleum Gas (LPG) in Latvia

In 2022, approx. 214K tons of liquefied petroleum gas (LPG) were imported into Latvia; declining by -9.5% against the previous year's figure. In general, total imports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +9.1% 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 +57.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 74%. As a result, imports reached the peak of 236K tons, and then dropped in the following year.

In value terms, liquefied petroleum gas (LPG) imports surged to $129M in 2022. Over the period under review, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 76%. Imports peaked in 2022 and are expected to retain growth in years to come.

Import of Liquefied Petroleum Gas (LPG) in Latvia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Russia	60.0	41.2	74.6	117	24.9%
Lithuania	5.0	5.0	8.0	10.1	26.4%
Others	0.4	1.9	2.4	2.5	84.2%
Total	65.4	48.2	85.1	129	25.4%

Top Suppliers of Liquefied Petroleum Gas (LPG) to Latvia in 2022:

Russia (195.4K tons)
Lithuania (15.7K tons)

Exports of Liquefied Petroleum Gas (LPG) in Latvia

In 2022, liquefied petroleum gas (lpg) exports from Latvia skyrocketed to 130K tons, with an increase of 62% against the previous year's figure. In general, total exports indicated resilient growth from 2019 to 2022: its volume increased at an average annual rate of +7.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.5% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, liquefied petroleum gas (LPG) exports skyrocketed to $86M in 2022. Overall, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Liquefied Petroleum Gas (LPG) in Latvia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Lithuania	25.7	16.4	25.8	36.8	12.7%
Poland	7.8	1.7	4.0	21.4	40.0%
Estonia	5.2	5.6	8.2	11.5	30.3%
Cyprus	N/A	N/A	N/A	8.2	0%
Ukraine	2.4	2.1	8.0	5.1	28.6%
Others	0.1	0.1	0.9	3.5	227.1%
Total	41.2	26.0	47.0	86.4	28.0%

Top Export Markets for Liquefied Petroleum Gas (LPG) from Latvia in 2022:

Lithuania (54.8K tons)
Poland (30.6K tons)
Estonia (16.9K tons)
Cyprus (14.9K tons)
Ukraine (7.8K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for liquefied petroleum gas (lpg) 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:

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