Latvia: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Latvia

The Latvian NPK fertilizer market fell notably to $X in 2023, waning by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a pronounced reduction. Consumption peaked at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Npk Fertilizer Exports

Exports from Latvia

In 2023, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers was finally on the rise to reach X tons after two years of decline. In general, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

In value terms, NPK fertilizer exports skyrocketed to $X in 2023. Overall, exports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to see steady growth in years to come.

Exports by Country

Tanzania (X tons) was the main destination for NPK fertilizer exports from Latvia, with a X% share of total exports. Moreover, NPK fertilizer exports to Tanzania exceeded the volume sent to the second major destination, Lithuania (X tons), fourfold. Ukraine (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Tanzania totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Ukraine (X% per year).

In value terms, Tanzania ($X) emerged as the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Lithuania ($X), with a X% share of total exports. It was followed by Ukraine, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Tanzania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Ukraine (X% per year).

Export Prices by Country

In 2023, the average NPK fertilizer export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price showed a pronounced increase. The most prominent rate of growth was recorded in 2022 when the average export price increased by X% against the previous year. The export price peaked in 2023 and is likely to continue growth in the near future.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Npk Fertilizer Imports

Imports into Latvia

In 2023, the amount of mixed nitrogen, phosphorus and potassium (NPK) fertilizers imported into Latvia rose sharply to X tons, surging by X% against the previous year. Overall, imports, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2017 when imports increased by X%. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports remained at a lower figure.

In value terms, NPK fertilizer imports declined notably to $X in 2023. Over the period under review, imports saw a mild increase. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2022, and then dropped rapidly in the following year.

Imports by Country

Finland (X tons), Morocco (X tons) and Lithuania (X tons) were the main suppliers of NPK fertilizer imports to Latvia, with a combined X% share of total imports. The Netherlands, Uzbekistan, Russia, Germany, Estonia and Denmark lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Uzbekistan (with a CAGR of X.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest NPK fertilizer suppliers to Latvia were Lithuania ($X), Morocco ($X) and Finland ($X), together comprising X% of total imports. The Netherlands, Germany, Uzbekistan, Russia, Estonia and Denmark lagged somewhat behind, together accounting for a further X%.

Uzbekistan, with a CAGR of X.9%, 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 NPK fertilizer import price stood at $X per ton in 2023, waning by X% against the previous year. Overall, the import price, however, saw a tangible increase. The growth pace was the most rapid in 2022 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Denmark (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform