Spices; Saffron Price in Latvia - 2023
Contents:
- Spices; Saffron Price in Latvia (CIF) - 2022
- Spices; Saffron Price in Latvia (FOB) - 2022
- Spices; Saffron Imports in Latvia
- Spices; Saffron Exports in Latvia
Spices; Saffron Price in Latvia (CIF) - 2022
In 2022, the average spices; saffron import price amounted to $216,413 per ton, rising by 10% against the previous year. In general, the import price enjoyed significant growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 862%. Over the period under review, average import prices reached the maximum at $442,059 per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($482,909 per ton), while the price for the UK ($28,000 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+36.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Saffron Price in Latvia (FOB) - 2022
The average spices; saffron export price stood at $315,345 per ton in 2022, reducing by -22.4% against the previous year. Overall, the export price, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2019 an increase of 65% against the previous year. Over the period under review, the average export prices attained the peak figure at $406,588 per ton in 2021, and then contracted markedly in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($1,106,400 per ton), while the average price for exports to Estonia ($123,222 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 (+51.8%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in Latvia
In 2022, the amount of spices; saffra imported into Latvia expanded remarkably to 104 kg, surging by 7.2% compared with the year before. Overall, total imports indicated a significant expansion from 2019 to 2022: its volume increased at an average annual rate of +26.8% 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 +103.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 84%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.
In value terms, spices; saffron imports soared to $23K in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 68% against the previous year. As a result, imports reached the peak of $38K. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Spices; Saffron in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 18.0 | 8.3 | 8.2 | 15.9 | -4.1% |
| Lithuania | 3.0 | 4.2 | 6.9 | 2.4 | -7.2% |
| Germany | 1.2 | 0.8 | 1.0 | 2.1 | 20.5% |
| Estonia | N/A | 0.4 | 0.4 | 1.9 | 117.9% |
| Georgia | N/A | N/A | N/A | 0.1 | 0% |
| United Kingdom | 0.1 | 0.1 | 0.8 | 0.1 | 0.0% |
| Russia | 0.3 | 0.3 | 0.1 | N/A | -42.3% |
| Hungary | N/A | 23.9 | N/A | N/A | 0% |
| Italy | 0.1 | N/A | N/A | N/A | 0% |
| Others | N/A | N/A | 1.7 | N/A | 0% |
| Total | 22.5 | 37.9 | 19.1 | 22.5 | 0.0% |
Top Suppliers of Spices; Saffron to Latvia in 2022:
- Spain (33.0 kg)
- Germany (30.0 kg)
- Estonia (25.0 kg)
- Lithuania (10.0 kg)
- United Kingdom (4.0 kg)
- Georgia (2.0 kg)
Spices; Saffron Exports in Latvia
In 2022, overseas shipments of spices; saffra were finally on the rise to reach 29 kg after two years of decline. In general, exports, however, showed a significant decrease.
In value terms, spices; saffron exports skyrocketed to $9.1K in 2022. Overall, exports, however, recorded a dramatic slump.
| Export of Spices; Saffron in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Lithuania | 2.9 | 3.0 | 3.8 | 5.5 | 23.8% |
| Estonia | 1.9 | 1.8 | 1.8 | 2.2 | 5.0% |
| Russia | N/A | 2.4 | 1.3 | 1.4 | -23.6% |
| Czech Republic | 208 | N/A | N/A | N/A | 0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 213 | 7.2 | 6.9 | 9.1 | -65.0% |
Top Export Markets for Spices; Saffron from Latvia in 2022:
- Estonia (18.0 kg)
- Russia (6.0 kg)
- Lithuania (5.0 kg)
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