Latvia: Nitrates Market 2024

Nitrates Market Size in Latvia

The Latvian nitrates market contracted slightly to $X in 2022, standing approx. at the previous year. Over the period under review, consumption saw a perceptible descent. Nitrates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Nitrates Production in Latvia

In value terms, nitrates production declined to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced descent. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Nitrates Exports

Exports from Latvia

In 2022, shipments abroad of nitrates (excluding those of potassium) decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, saw a perceptible expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, nitrates exports declined significantly to $X in 2022. In general, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for nitrates exports from Latvia, accounting for a X% share of total exports. Moreover, nitrates exports to Germany exceeded the volume sent to the second major destination, Lithuania (X kg), more than tenfold. Russia (X kg) ranked third in terms of total exports with a X% share.

From 2017 to 2022, the average annual rate of growth in terms of volume to Germany totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Russia (X% per year).

In value terms, Germany ($X) emerged as the key foreign market for nitrates (excluding those of potassium) exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Russia ($X), with a X% share of total exports. It was followed by Lithuania, with a X% share.

From 2017 to 2022, the average annual growth rate of value to Germany totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Lithuania (X% per year).

Export Prices by Country

In 2022, the average nitrates export price amounted to $X per ton, dropping by X% against the previous year. Over the last five-year period, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

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

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrates Imports

Imports into Latvia

In 2022, approx. X tons of nitrates (excluding those of potassium) were imported into Latvia; reducing by X% on 2021 figures. Over the period under review, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, nitrates imports reached $X in 2022. Overall, imports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Norway (X tons), Germany (X tons) and the Netherlands (X tons) were the main suppliers of nitrates imports to Latvia, together accounting for X% of total imports. Lithuania and Poland 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 Poland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Norway ($X) and Lithuania ($X) appeared to be the largest nitrates suppliers to Latvia, with a combined X% share of total imports.

In terms of the main suppliers, Norway, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average nitrates import price amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, continues to indicate a slight slump. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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