Latvia: Industrial Roundwood (Non-Coniferous) Market 2024

Industrial Roundwood (Non-Coniferous) Market Size in Latvia

In 2022, the Latvian industrial roundwood (non-coniferous) market decreased by -57.2% to $X, falling for the second year in a row after three years of growth. In general, consumption saw a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Industrial Roundwood (Non-Coniferous) Production in Latvia

In value terms, industrial roundwood (non-coniferous) production shrank modestly to $X in 2022 estimated in export price. In general, production recorded a mild curtailment. The growth pace was the most rapid in 2018 with an increase of 43%. Industrial roundwood (non-coniferous) production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Industrial Roundwood (Non-Coniferous) Exports

Exports from Latvia

In 2022, overseas shipments of industrial roundwood were finally on the rise to reach X cubic meters after three years of decline. In general, total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 69% against the previous year. Over the period under review, the (non-coniferous) exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, industrial roundwood (non-coniferous) exports soared to $X in 2022. Overall, exports recorded a strong expansion. The pace of growth was the most pronounced in 2018 when exports increased by 141%. Over the period under review, the (non-coniferous) exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Sweden (X cubic meters) was the main destination for industrial roundwood (non-coniferous) exports from Latvia, accounting for a 46% share of total exports. Moreover, industrial roundwood (non-coniferous) exports to Sweden exceeded the volume sent to the second major destination, Finland (X cubic meters), threefold. The third position in this ranking was held by Belgium (X cubic meters), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+0.4% per year) and Belgium (+126.6% per year).

In value terms, Sweden ($X) remains the key foreign market for industrial roundwood exports from Latvia, comprising 51% of total exports. The second position in the ranking was taken by China ($X), with a 12% share of total exports. It was followed by Finland, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden stood at +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+18.2% per year) and Finland (-0.0% per year).

Export Prices by Country

The average industrial roundwood (non-coniferous) export price stood at $X per cubic meter in 2022, rising by 30% against the previous year. Over the period under review, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial roundwood (non-coniferous) export price increased by +51.4% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 43%. The export price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Roundwood (Non-Coniferous) Imports

Imports into Latvia

In 2022, the amount of industrial roundwood imported into Latvia surged to X cubic meters, with an increase of 62% against the previous year's figure. Overall, imports, however, recorded a slight curtailment. The pace of growth was the most pronounced in 2020 with an increase of 66% against the previous year. As a result, imports reached the peak of X cubic meters. From 2021 to 2022, the growth of (non-coniferous) imports remained at a lower figure.

In value terms, industrial roundwood (non-coniferous) imports skyrocketed to $X in 2022. In general, imports saw strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Lithuania (X cubic meters) constituted the largest industrial roundwood (non-coniferous) supplier to Latvia, with a 77% share of total imports. Moreover, industrial roundwood (non-coniferous) imports from Lithuania exceeded the figures recorded by the second-largest supplier, Finland (X cubic meters), tenfold. The third position in this ranking was held by Sweden (X cubic meters), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania amounted to +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+41.3% per year) and Sweden (+70.4% per year).

In value terms, Lithuania ($X) constituted the largest supplier of industrial roundwood to Latvia, comprising 69% of total imports. The second position in the ranking was held by Estonia ($X), with a 7.8% share of total imports. It was followed by Sweden, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lithuania totaled +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+1.9% per year) and Sweden (+49.2% per year).

Import Prices by Country

In 2022, the average industrial roundwood (non-coniferous) import price amounted to $X per cubic meter, growing by 49% against the previous year. In general, the import price continues to indicate strong growth. The growth pace was the most rapid in 2021 when the average import price increased by 51%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 Estonia ($X per cubic meter), while the price for Russia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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