Latvia: Bearing Market 2024

Bearing Market Size in Latvia

The Latvian bearing market fell significantly to $X in 2022, shrinking by X% against the previous year. Over the period under review, consumption recorded a deep contraction. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Bearing Production in Latvia

In value terms, bearing production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Bearing Exports

Exports from Latvia

In 2022, after five years of growth, there was significant decline in overseas shipments of ball and roller bearings, when their volume decreased by X% to X tons. In general, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, bearing exports soared to $X in 2022. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Poland (X tons), Russia (X tons) and Sweden (X tons) were the main destinations of bearing exports from Latvia, with a combined X% share of total exports. Turkey, Malaysia, Lithuania and Belarus lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for bearing exported from Latvia were Poland ($X), Russia ($X) and Turkey ($X), together accounting for X% of total exports.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average bearing export price stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price showed strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Sweden ($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 Malaysia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Bearing Imports

Imports into Latvia

In 2022, after two years of growth, there was significant decline in purchases abroad of ball and roller bearings, when their volume decreased by X% to X tons. In general, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then declined notably in the following year.

In value terms, bearing imports declined to $X in 2022. Over the period under review, imports, however, posted a pronounced increase. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest bearing supplier to Latvia, with a X% share of total imports. Moreover, bearing imports from China exceeded the figures recorded by the second-largest supplier, Poland (X tons), fourfold. Sweden (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (X% per year) and Sweden (X% per year).

In value terms, the largest bearing suppliers to Latvia were Poland ($X), China ($X) and Sweden ($X), together accounting for X% of total imports.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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 bearing import price amounted to $X per ton, surging by X% against the previous year. Overall, the import price, however, saw a pronounced descent. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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