Latvia: Ethanol Market 2024

Ethanol Market Size in Latvia

The Latvian ethanol market skyrocketed to $X in 2022, jumping by X% against the previous year. Over the period under review, consumption continues to indicate a buoyant expansion. Ethanol consumption peaked in 2022 and is likely to see steady growth in years to come.

Ethanol Production in Latvia

In value terms, ethanol production expanded notably to $X in 2022 estimated in export price. In general, production saw a prominent expansion. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Ethanol Exports

Exports from Latvia

After three years of decline, shipments abroad of ethyl alcohol increased by X% to X litres in 2022. Over the period under review, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X litres in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, ethanol exports soared to $X in 2022. In general, exports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X litres) was the main destination for ethanol exports from Latvia, accounting for a X% share of total exports. Moreover, ethanol exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X litres), twofold. Poland (X litres) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Poland (X% per year).

In value terms, Lithuania ($X), Estonia ($X) and Poland ($X) constituted the largest markets for ethanol exported from Latvia worldwide, together accounting for X% of total exports.

In terms of the main countries of destination, Poland, with a CAGR of X%, saw the highest rates of growth with regard to 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 ethanol export price amounted to $X per litre, growing by X% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethanol export price increased by X% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Belgium ($X per litre) and Estonia ($X per litre), while the average price for exports to Poland ($X per litre) and Slovakia ($X per litre) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Ethanol Imports

Imports into Latvia

In 2022, the amount of ethyl alcohol imported into Latvia skyrocketed to X litres, increasing by X% on 2021 figures. Overall, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, ethanol imports soared to $X in 2022. In general, imports continue to indicate a slight increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Slovakia (X litres), Russia (X litres) and Lithuania (X litres) were the main suppliers of ethanol imports to Latvia, with a combined X% share of total imports. The United States, Poland and Belarus lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Slovakia ($X) constituted the largest supplier of ethyl alcohol to Latvia, comprising X% of total imports. The second position in the ranking was taken by Russia ($X), with a X% share of total imports. It was followed by Lithuania, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Slovakia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (X% per year) and Lithuania (X% per year).

Import Prices by Country

The average ethanol import price stood at $X per litre in 2022, picking up by X% against the previous year. Overall, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethanol import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovakia ($X per litre), while the price for the United States ($X per litre) was amongst the lowest.

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

Source: IndexBox Platform

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