Latvia: Electronic Chip Market 2024

Electronic Chip Market Size in Latvia

In 2023, the Latvian electronic chip market increased by X% to $X, rising for the second year in a row after four years of decline. In general, consumption recorded a relatively flat trend pattern. Electronic chip consumption peaked in 2023 and is expected to retain growth in the near future.

Electronic Chip Production in Latvia

In value terms, electronic chip production totaled $X in 2023 estimated in export price. In general, production, however, saw a pronounced decrease. The pace of growth appeared the most rapid in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2023, production failed to regain momentum.

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Electronic Chip Exports

Exports from Latvia

In 2023, shipments abroad of electronic chips decreased by X% to X units, falling for the second consecutive year after three years of growth. In general, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, electronic chip exports declined significantly to $X in 2023. Overall, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Lithuania (X units), China (X units) and Estonia (X units) were the main destinations of electronic chip exports from Latvia, with a combined X% share of total exports. Poland, the UK, Germany, Hong Kong SAR, Ukraine, Serbia, France, Kazakhstan, Vietnam and Malaysia lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electronic chip exported from Latvia were China ($X), Vietnam ($X) and Hong Kong SAR ($X), with a combined X% share of total exports. Lithuania, the UK, Poland, Estonia, Germany, Ukraine, Kazakhstan, Malaysia, Serbia and France lagged somewhat behind, together accounting for a further X%.

Malaysia, with a CAGR of X%, saw the highest rates of growth with regard to 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 electronic chip export price stood at $X per unit in 2023, rising by X% against the previous year. Overall, the export price saw a noticeable expansion. The most prominent rate of growth was recorded in 2015 an increase of X%. The export price peaked at $X per unit in 2018; however, from 2019 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2023, 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.

Electronic Chip Imports

Imports into Latvia

In 2023, after two years of growth, there was significant decline in supplies from abroad of electronic chips, when their volume decreased by X% to X units. Over the period under review, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at X units in 2022, and then reduced in the following year.

In value terms, electronic chip imports reduced to $X in 2023. Overall, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Germany (X units) constituted the largest supplier of electronic chip to Latvia, accounting for a X% share of total imports. Moreover, electronic chip imports from Germany exceeded the figures recorded by the second-largest supplier, Lithuania (X units), threefold. Estonia (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and Estonia (X% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of electronic chips to Latvia, comprising X% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total imports. It was followed by Germany, with an X% share.

From 2012 to 2023, the average annual growth rate of value from Taiwan (Chinese) amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Germany (X% per year).

Import Prices by Country

In 2023, the average electronic chip import price amounted to $X per unit, shrinking by X% against the previous year. In general, the import price saw a deep slump. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. The import price peaked at $X per unit in 2020; however, from 2021 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform