Latvia: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Latvia

The Latvian steel and iron articles market soared to $X in 2022, picking up by 41% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Steel and iron articles consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Articles Of Iron Or Steel in Latvia

In value terms, steel and iron articles production surged to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt setback. Steel and iron articles production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Articles Of Iron Or Steel

Exports from Latvia

In 2022, shipments abroad of articles of iron or steel decreased by -8.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.2% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29% against the previous year. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, steel and iron articles exports stood at $X in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 26% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Estonia (X tons), Denmark (X tons) and Sweden (X tons) were the main destinations of steel and iron articles exports from Latvia, together comprising 59% of total exports. Lithuania, Finland, Austria, Norway, the Netherlands, the United States, Germany and Poland lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +41.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel and iron articles exported from Latvia were Denmark ($X), Sweden ($X) and Estonia ($X), with a combined 49% share of total exports. Lithuania, Austria, Finland, the United States, Germany, Norway, Poland and the Netherlands lagged somewhat behind, together accounting for a further 39%.

Among the main countries of destination, Poland, with a CAGR of +49.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, surging by 24% against the previous year. In general, export price indicated a slight expansion 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, steel and iron articles export price increased by +25.7% against 2020 indices. The growth pace was the most rapid in 2018 when the average export price increased by 26%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Estonia ($X 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 Germany (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Latvia

In 2022, after four years of growth, there was decline in supplies from abroad of articles of iron or steel, when their volume decreased by -2.1% to X tons. Over the period under review, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 75%. Imports peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, steel and iron articles imports amounted to $X in 2022. Overall, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 63%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Poland (X tons), Lithuania (X tons) and Estonia (X tons) were the main suppliers of steel and iron articles imports to Latvia, with a combined 68% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +34.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Lithuania ($X) and Germany ($X) appeared to be the largest steel and iron articles suppliers to Latvia, together comprising 53% of total imports.

Poland, with a CAGR of +24.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, growing by 3.1% against the previous year. In general, the import price, however, showed a pronounced shrinkage. The growth pace was the most rapid in 2021 when the average import price increased by 32% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Finland ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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