Latvia: Market for Iron or Steel Cans 2024

Market Size for Iron or Steel Cans in Latvia

In 2022, the Latvian iron or steel can market increased by X% to $X, rising for the third consecutive year after seven years of decline. Over the period under review, consumption continues to indicate 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.

Production of Iron or Steel Cans in Latvia

In value terms, iron or steel can production declined to $X in 2022 estimated in export price. Over the period under review, production showed a deep contraction. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Iron or steel can production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Iron or Steel Cans

Exports from Latvia

In 2022, overseas shipments of iron or steel cans increased by X% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, iron or steel can exports soared to $X in 2022. Overall, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Lithuania (X units) was the main destination for iron or steel can exports from Latvia, accounting for a X% share of total exports. Moreover, iron or steel can exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X units), twofold. The third position in this ranking was taken by Ukraine (X units), 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 Ukraine (X% per year).

In value terms, Lithuania ($X) emerged as the key foreign market for iron or steel cans exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Estonia ($X), with a X% share of total exports. It was followed by Ukraine, with a X% share.

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

Export Prices by Country

In 2022, the average iron or steel can export price amounted to $X per unit, picking up by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

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

Imports of Iron or Steel Cans

Imports into Latvia

In 2022, the amount of iron or steel cans imported into Latvia fell to X units, waning by X% against 2021. In general, total imports indicated prominent growth from 2012 to 2022: its volume 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, imports decreased by X% against 2020 indices. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, iron or steel can imports rose remarkably to $X in 2022. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

France (X units), Germany (X units) and Russia (X units) were the main suppliers of iron or steel can imports to Latvia, with a combined X% share of total imports. Poland, Ukraine, Turkey, Belarus and Denmark lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest iron or steel can suppliers to Latvia were France ($X), Germany ($X) and Poland ($X), together comprising X% of total imports. Denmark, Russia, Turkey, Ukraine and Belarus lagged somewhat behind, together accounting for a further X%.

Turkey, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 iron or steel can import price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the import price recorded a resilient increase. The growth pace was the most rapid in 2015 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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

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

Source: IndexBox Platform

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