Latvia: Hay-Making Machinery Market 2024

Hay-Making Machinery Market Size in Latvia

The Latvian hay-making machinery market rose significantly to $X in 2022, increasing by X% against the previous year. Overall, consumption, however, saw a perceptible downturn. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Hay-Making Machinery Production in Latvia

In value terms, hay-making machinery production rose rapidly to $X in 2022 estimated in export price. Overall, production, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. Hay-making machinery production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Hay-Making Machinery Exports

Exports from Latvia

In 2022, exports of hay-making machinery from Latvia skyrocketed to X units, increasing by X% compared with 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, hay-making machinery exports totaled $X in 2022. Over the period under review, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X units) was the main destination for hay-making machinery exports from Latvia, accounting for a X% share of total exports. Moreover, hay-making machinery exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X units), threefold. Poland (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms 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 ($X) remains the key foreign market for hay-making machinery exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Estonia ($X), with a X% share of total exports. It was followed by Poland, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Lithuania stood at 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).

Export Prices by Country

In 2022, the average hay-making machinery export price amounted to $X per unit, shrinking by X% against the previous year. In general, the export price saw a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of X%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kazakhstan (X%), while the prices for the other major destinations experienced mixed trend patterns.

Hay-Making Machinery Imports

Imports into Latvia

In 2022, purchases abroad of hay-making machinery was finally on the rise to reach X units after two years of decline. Over the period under review, imports, however, saw a noticeable decline. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, hay-making machinery imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a slight decline. The growth pace was the most rapid in 2019 with an increase of X%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Lithuania (X units), Poland (X units) and Austria (X units) were the main suppliers of hay-making machinery imports to Latvia, with a combined X% share of total imports. Germany, France, Slovenia, Estonia, Denmark and Italy lagged somewhat behind, together accounting for a further X%.

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

In value terms, Lithuania ($X), Austria ($X) and Poland ($X) appeared to be the largest hay-making machinery suppliers to Latvia, with a combined X% share of total imports. France, Germany, Slovenia, Estonia, Denmark and Italy lagged somewhat behind, together comprising a further X%.

Slovenia, with a CAGR of X%, saw 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

The average hay-making machinery import price stood at $X per unit in 2022, approximately reflecting the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

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

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

Source: IndexBox Platform

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