Latvia: Public Works Machinery Market 2024

Public Works Machinery Market Size in Latvia

In 2022, the Latvian public works machinery market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, continues to indicate a noticeable reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Public Works Machinery Production in Latvia

In value terms, public works machinery production shrank to $X in 2022 estimated in export price. In general, production showed a deep setback. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Public Works Machinery Exports

Exports from Latvia

In 2022, overseas shipments of machinery for public works and building decreased by X% to X units, falling for the second consecutive year after two years of growth. Overall, exports faced a deep downturn. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, public works machinery exports shrank to $X in 2022. Over the period under review, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2014 when exports increased by X%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Bulgaria (X units), Russia (X units) and Kazakhstan (X units) were the main destinations of public works machinery exports from Latvia, with a combined X% share of total exports. Kyrgyzstan, the Netherlands, the UK and Belgium lagged somewhat behind, together accounting for a further X%.

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

In value terms, Russia ($X), Kazakhstan ($X) and Bulgaria ($X) were the largest markets for public works machinery exported from Latvia worldwide, with a combined X% share of total exports. The Netherlands, the UK, Kyrgyzstan and Belgium lagged somewhat behind, together comprising a further X%.

The UK, 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 public works machinery export price stood at $X per unit in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Kyrgyzstan ($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 the Netherlands (X%), while the prices for the other major destinations experienced mixed trend patterns.

Public Works Machinery Imports

Imports into Latvia

Public works machinery imports into Latvia surged to X units in 2022, jumping by X% on 2021. Over the period under review, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, public works machinery imports surged to $X in 2022. In general, imports, however, showed a pronounced decrease. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Norway (X units), Poland (X units) and the Czech Republic (X units) were the main suppliers of public works machinery imports to Latvia, with a combined X% share of total imports. Germany, Estonia, Sweden, the Netherlands, Lithuania and the UK lagged somewhat behind, together comprising a further X%.

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

In value terms, Poland ($X), Germany ($X) and the Czech Republic ($X) appeared to be the largest public works machinery suppliers to Latvia, with a combined X% share of total imports. Sweden, Estonia, the Netherlands, Norway, Lithuania and the UK lagged somewhat behind, together accounting for a further X%.

Sweden, with a CAGR of X%, recorded 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 public works machinery import price stood at $X per unit in 2022, reducing by X% against the previous year. In general, import price indicated a buoyant 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. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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